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Economics Exam Quiz
A mixed-market economy is one in which
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there is competition and free enterprise.
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the end of a recession.
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meet a social need and improve the economy.
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kept by banks for a longer time period.
The higher a country's gross domestic product (GDP), the more likely it is that the country
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petroleum
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It can decrease inflation.
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is developed.
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March 2013.
What is one example of a closed economy?
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Governments are able to exert control over the value of fiat money.
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A country decides to grow wheat and when another country raises cattle.
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It can be easily liquidated.
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a restricted system that blocks trade with international partners
Which factors influence changes in consumer demand? Check all that apply.
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monitoring election resultsmeasuring what the economy produces
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changes in employment levels
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elasticityclearance salesincome
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maximize profits at little risk.
The graph shows the price of a good compared to the quantity demanded.This graph demonstrates how
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monitoring election resultsmeasuring what the economy produces
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purchasing power paritytrade volumesgross domestic product
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choosing to grow both fruit varieties or only apples.
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the amount consumed greatly changes with the price.
When it spends money on education, a government is trying to
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the US dollar has declined in value.
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meet a social need and improve the economy.
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Supply is less than demand.Supply is greater than demand.
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eventually increases as production decreases.
When the government injects money into the economy, consumers may have more purchasing power, which may result in
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reduced government spending
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increases in production.
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changes in employment levels
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as needed
When artists pass away, the supply of their paintings most likely becomes (blank).
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is developed.
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elasticityclearance salesincome
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elastic
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the OCC.
Demand-pull inflation occurs when
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Profit is the financial gain from business activity minus expenses.
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choosing to grow both fruit varieties or only apples.
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consumers show an interest in purchasing more goods.
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Governments are able to exert control over the value of fiat money.
What is the best definition of profit?
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giving up an opportunity to do something else when making an economic decision
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a gradual expansion in the price of goods and services
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It can be easily liquidated.
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Profit is the financial gain from business activity minus expenses.
When does government regulate producers in a mixed-market economy?
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is developed.
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as needed
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government spending.
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increases in production.
The chart shows the marginal cost of producing apple pies.This chart demonstrates that the marginal cost
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meet a social need and improve the economy.
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increases in production.
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monitoring election resultsmeasuring what the economy produces
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eventually increases as production decreases.
Read the format of an outline for an informative essay._____________________A. Thesis statementSubtopic body sentenceA. EvidenceB. EvidenceSubtopic body sentenceA. EvidenceB. EvidenceWhich item would best fill in the blank space?
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Introduction
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March 2013.
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petroleum
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total output
If Country A is an agricultural country and Country B has many cities and factories, it would make sense for
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eventually increases as production decreases.
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the amount consumed greatly changes with the price.
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A country decides to grow wheat and when another country raises cattle.
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Country A to specialize in growing corn while Country B specializes in making cars.
A certificate of deposit pays a higher interest rate than a savings account because the money is
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kept by banks for a longer time period.
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reduced government spending
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eventually increases as production decreases.
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the US dollar has declined in value.
President Roslin of Country XYZ knows that a new policy is needed to help solve the problem of rising unemployment in her nation. Her next step is to
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Ceilings
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is developed.
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increases.
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develop a plan.
If expansionary taxation policies are left unchecked, which is the most likely result?
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the US dollar has declined in value.
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reduced government spending
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changes in employment levels
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increases in production.
What do the indicators used by economists reveal about the economy?
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by decreasing trade barriers
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increases in production.
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It can decrease inflation.
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changes in employment levels
Which economic indicators are used to measure the global economy? Check all that apply.
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purchasing power paritytrade volumesgross domestic product
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a gradual expansion in the price of goods and services
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A country decides to grow wheat and when another country raises cattle.
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monitoring election resultsmeasuring what the economy produces
Corporate taxes are a type of
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any economic growth or shrinkage.
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limited resources
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income tax
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It can be easily liquidated.
Which organization created a shared economy?
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Ceilings
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European Union
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limited resources
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decreases
A regulatory agency that attempts to limit risk in the banking system is
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changes in employment levels
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the OCC.
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refer back to the thesis.
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as needed
Gross domestic product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's
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the US dollar has declined in value.
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as needed
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total output
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Introduction
Economists use GDP to measure
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the end of a recession.
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any economic growth or shrinkage.
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production cost; opportunity cost
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by decreasing trade barriers
Why is the slow growth that can result from a contractionary policy a positive effect?
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It can be easily liquidated.
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changes in employment levels
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increases in production.
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It can decrease inflation.
Jacob is considering buying a new car. Which nonrenewable resource should influence the decision?
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the OCC.
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petroleum
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elastic
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as needed
What is one cause of scarcity?
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changes in employment levels
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It can be easily liquidated.
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the end of a recession.
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limited resources
The Fed's aim in responding to a recession is to decrease
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Governments are able to exert control over the value of fiat money.
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government spending.
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refer back to the thesis.
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as needed
The graph shows a point of equilibrium.What is the price at which equilibrium is achieved?
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March 2013.
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It can decrease inflation.
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$9
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eventually increases as production decreases.
Embargoes, quotas, and standards are tools that countries use
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It can be easily liquidated.
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maximize profits at little risk.
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government spending.
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to punish other countries.
The primary purpose of a conclusion in an informative essay is to
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reduced government spending
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government spending.
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by decreasing trade barriers
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refer back to the thesis.
Total output is a synonym for
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any economic growth or shrinkage.
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government spending.
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Gross Domestic Product
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the end of a recession.
How do trade agreements help the countries involved?
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refer back to the thesis.
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It can be easily liquidated.
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changes in employment levels
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by decreasing trade barriers
In a free market system, price controls can include both floors and (blank)
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the OCC.
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increases.
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develop a plan.
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Ceilings
If it becomes less expensive to travel overseas from the United States, American tourists are benefiting from the fact that
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kept by banks for a longer time period.
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reduced government spending
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meet a social need and improve the economy.
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the US dollar has declined in value.
Which best describes an opportunity cost?
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Profit is the financial gain from business activity minus expenses.
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a gradual expansion in the price of goods and services
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Supply is less than demand.Supply is greater than demand.
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giving up an opportunity to do something else when making an economic decision
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