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Kami Export - Pleasant Oluwole - Econ Pre Test 16-17

Practice for Final.
Course

Economics Fundamentals (ECON 101)

5 Documents
Students shared 5 documents in this course
Academic year: 2022/2023
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Ivy Tech Community College of Indiana

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  1. A great variety of goods and services is characteristic of

A. A traditional economy B. A market economy C. A command economy D. All economic systems

  1. Which is mostly likely the result of high unemployment?

A. An increase in consumer spending B. A decrease in consumer spending C. An increase in sales tax D. A decrease in the need for social services

  1. Which best explains the concept of scarcity?

A. Limited wants, limited resources B. Unlimited wants, unlimited resources C. Limited wants, unlimited resources D. Unlimited wants, limited resources

  1. Which factor determines the wage or salary of a new employee?

A. The worker’s physical health status B. The length of a commute to work C. The employee’s skills and education

D. The worker’s credit history

  1. A basic feature of a progressive tax is that it takes into account the

A. Value of the programs on which the money will be spent B. Amount of revenue generated by the tax C. Cost of administering the tax collection procedures D. Ability of people to pay the tax

  1. If there is less demand for DVD’s in the stores and no change in the supply what will

most likely happen to the price of DVD’s?

A. The price will decrease

B. The price will increase

C. The price will not go up or down D. The price will be regulated by the government

  1. An entrepreneur would most likely have the best chance for success in

A. A command economy B. A market economy C. A traditional economy D. Any of the economies

Student Directions: Use the graph and your own knowledge to answer question #8.

Sales of Music on ITunes

  1. Based on the ITunes sales, if you owned a record store which kind of music other than rock would you mostly likely have wanted in large supply?

A. Jazz B. Classical C. Country D. Rap

Student Directions: Use the political cartoon and your own knowledge to answer question #12.

  1. Which economic concept is best illustrated by the cartoon?

A. Supply and demand B. Mercantilism C. Monopoly D. Trade

  1. Predict what would happen if the Federal Reserve lowered the interest rate it charges the nation’s banks.

A. The monetary supply would increase, stimulating the economy B. The monetary supply would decrease, slowing the economy. C. Inflation would taper off. D. The government would have to borrow more money.

  1. GDP may be defined as the market value of:

A. Economic resources used in the production of annual output in an economy. B. All American owned goods and services produced in a given year. C. All final goods and services produced in an economy in a given year. D. National income distributed to producers, consumers, and investors.

Student Directions: Use the chart and your own knowledge to answer question #15.

  1. The chart above shows the exports that are produced by three different countries. Based on the information in the chart, which is mostly likely true?

A. All three countries will trade with each other B. Country A will only trade with country B C. Country B will only trade with country C D. The three countries will not trade with each other

  1. A rapid increase in the general level of prices is called

A. Inflation B. Deflation C. A market economy D. A depression

  1. The economic system in the United States can best be described as a

A. Pure free enterprise system B. Modified private enterprise system C. Traditional system D. Command economy

  1. Credit can best be described as

A. Buy now, pay later B. Buy now, pay now C. Pay for something now and get it later D. Put down half of the money now and pay the rest later.

  1. The price paid to use another's money is called

A. Dividends B. Interest C. Principal D. Stocks

D. A tax on imports

  1. Which of the following is an example of opportunity cost?

A. Joe buys a chocolate bar and a bag of chips B. Sue does not buy a balloon C. Bob eats a sandwich D. Sally chooses to buy lemonade instead of coke

  1. A new technology increases the speed of computers without increasing production costs. What is the likely effect of this technology?

A. The price of new computers will decline B. The price of new computers will increase C. The demand for new computers will decline D. The demand for new computers will increase

  1. Entrepreneurs do all of the following except

A. Bear risk from business decisions. B. Own all the other resources. C. Come up with new ideas about what, how, when and where to produce. D. Organize labor, land, and capital

  1. Which conditions are most characteristic of an economic depression?

A. High unemployment and overproduction B. Large business investments and low taxes C. Too much money in circulation and high stock prices D. High employment and increased real estate investments

  1. Why is Uncle Sam stamping these cars?

A. To punish ships for polluting U. waters B. To protect U made cars from foreign competition C. To provide U. consumers with the lowest prices D. To encourage U. consumers to buy foreign-made cars

  1. The United States sells manufactured products to Third World nations and purchases raw materials from these nations. This fact illustrates,

A. Economic protectionism B. Global interdependence C. Pooling of resources D. Finance capitalism

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Kami Export - Pleasant Oluwole - Econ Pre Test 16-17

Course: Economics Fundamentals (ECON 101)

5 Documents
Students shared 5 documents in this course

University: Ivy Tech Community College of Indiana

Was this document helpful?
Econ Pre Test
1. A great variety of goods and services is characteristic of
A. A traditional economy
B. A market economy
C. A command economy
D. All economic systems
2. Which is mostly likely the result of high unemployment?
A. An increase in consumer spending
B. A decrease in consumer spending
C. An increase in sales tax
D. A decrease in the need for social services
3. Which best explains the concept of scarcity?
A. Limited wants, limited resources
B. Unlimited wants, unlimited resources
C. Limited wants, unlimited resources
D. Unlimited wants, limited resources
4. Which factor determines the wage or salary of a new employee?
A. The worker’s physical health status
B. The length of a commute to work
C. The employee’s skills and education
D. The worker’s credit history
5. A basic feature of a progressive tax is that it takes into account the
A. Value of the programs on which the money will be spent
B. Amount of revenue generated by the tax
C. Cost of administering the tax collection procedures
D. Ability of people to pay the tax
6. If there is less demand for DVD’s in the stores and no change in the supply what will
most likely happen to the price of DVD’s?
A. The price will decrease
B. The price will increase
C. The price will not go up or down
D. The price will be regulated by the government

Students also viewed

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