ECON EXAM [ACTUAL EXAM] LATEST VERSION
[QUESTIONS AND ANSWERS] DETAILED AND
VERIFIED FOR GUARANTEED PASS- LATEST UPDATE
2025 GRADED A (BRAND NEW!!)
It can best be described as measuring an economy's - CORRECT
ANSWER ✔✔✔✔✔ total output.
Which of these practices describe how producers in oligopolies generally
try to create competition? Check all that apply. - CORRECT ANSWER
✔✔✔✔✔ by keeping prices low
by offering promotions
by advertising
by cultivating brand loyalty
by overcoming barriers to entry
by developing a specific image
What is one main objective in the study of economics? - CORRECT
ANSWER ✔✔✔✔✔ recognizing the relationship between producers and
consumers
Why is the slow growth that can result from a contractionary policy a
positive effect? - CORRECT ANSWER ✔✔✔✔✔ It can increase interest
rates.
It can decrease available credit.
It can increase the money supply.
*It can decrease inflation.*
In a competitive market, a computer store offers customers a warranty to
help pay for any future damages. This is an example of - CORRECT
ANSWER ✔✔✔✔✔ following a federal regulation.
lowering prices for customers.
*reducing the risk for consumers.*
creating a new or better product.
, Which organization created a shared economy? - CORRECT ANSWER
✔✔✔✔✔ European Union
In a mixed market economy, what is a typical way the government can
reduce unemployment? - CORRECT ANSWER ✔✔✔✔✔ *The
government can pay for projects to create work.*
The government can control new factories to provide jobs.
The government can create new farm fields to hire workers.
The government can raise taxes to encourage employment.
The graph shows the price of a good compared to the quantity demanded.
This graph demonstrates how - CORRECT ANSWER ✔✔✔✔✔ the
amount produced slightly changes with the price.
the amount produced greatly changes with the price.
the quantity demanded *changes slightly with the price.*
the quantity demanded changes greatly with the price.
In a free market system, price controls can include both floors and -
CORRECT ANSWER ✔✔✔✔✔ ceilings
The graph shows the marginal cost of producing soccer cleats for Sabrina's
Soccer.
At which level of production does the company make the most profit? -
CORRECT ANSWER ✔✔✔✔✔ *the first pair of cleats*
the second pair of cleats
the third pair of cleats
the fourth pair of cleats
Which situation is an example of comparative advantage? - CORRECT
ANSWER ✔✔✔✔✔ A country decides to export goods when another
country does not.
*A country decides to create goods at half the cost of another country.*
A country decides to grow wheat and when another country raises cattle.
A country decides to invest in technology and another country does not.
[QUESTIONS AND ANSWERS] DETAILED AND
VERIFIED FOR GUARANTEED PASS- LATEST UPDATE
2025 GRADED A (BRAND NEW!!)
It can best be described as measuring an economy's - CORRECT
ANSWER ✔✔✔✔✔ total output.
Which of these practices describe how producers in oligopolies generally
try to create competition? Check all that apply. - CORRECT ANSWER
✔✔✔✔✔ by keeping prices low
by offering promotions
by advertising
by cultivating brand loyalty
by overcoming barriers to entry
by developing a specific image
What is one main objective in the study of economics? - CORRECT
ANSWER ✔✔✔✔✔ recognizing the relationship between producers and
consumers
Why is the slow growth that can result from a contractionary policy a
positive effect? - CORRECT ANSWER ✔✔✔✔✔ It can increase interest
rates.
It can decrease available credit.
It can increase the money supply.
*It can decrease inflation.*
In a competitive market, a computer store offers customers a warranty to
help pay for any future damages. This is an example of - CORRECT
ANSWER ✔✔✔✔✔ following a federal regulation.
lowering prices for customers.
*reducing the risk for consumers.*
creating a new or better product.
, Which organization created a shared economy? - CORRECT ANSWER
✔✔✔✔✔ European Union
In a mixed market economy, what is a typical way the government can
reduce unemployment? - CORRECT ANSWER ✔✔✔✔✔ *The
government can pay for projects to create work.*
The government can control new factories to provide jobs.
The government can create new farm fields to hire workers.
The government can raise taxes to encourage employment.
The graph shows the price of a good compared to the quantity demanded.
This graph demonstrates how - CORRECT ANSWER ✔✔✔✔✔ the
amount produced slightly changes with the price.
the amount produced greatly changes with the price.
the quantity demanded *changes slightly with the price.*
the quantity demanded changes greatly with the price.
In a free market system, price controls can include both floors and -
CORRECT ANSWER ✔✔✔✔✔ ceilings
The graph shows the marginal cost of producing soccer cleats for Sabrina's
Soccer.
At which level of production does the company make the most profit? -
CORRECT ANSWER ✔✔✔✔✔ *the first pair of cleats*
the second pair of cleats
the third pair of cleats
the fourth pair of cleats
Which situation is an example of comparative advantage? - CORRECT
ANSWER ✔✔✔✔✔ A country decides to export goods when another
country does not.
*A country decides to create goods at half the cost of another country.*
A country decides to grow wheat and when another country raises cattle.
A country decides to invest in technology and another country does not.
