12 May HOW DOES THE PLACEMENT OF RESOURCES AROUND THE WORLD IMPACT COUNTRIES ON AN ECONOMIC AND POLITICAL LEVEL?
1.The study of economics involves which of the following? studying government policies as they relate to globalization studying how people relate to each other racially studying how people try to satisfy their unlimited wants with limited resources studying the impact of humans on the environment2. Which of the following would an economist say motivates a woman who sews purses and sells them to the public? satisfaction self-interest absolute advantage monetary policy3. While shopping you discover that your favorite department store has lowered the price on a new video game that you wanted to buy. However, after looking through the store you find that they are completely sold out. This scenario illustrates the concept of comparative advantage. law of demand. scarcity. shortage.4. People must make choices because money and resources are scarce. are abundant. remain unchanged. are undetermined.5. Which of the following is NOT an economic right or responsibility? deciding where to work choosing a college community service paying taxes6. The most appealing trade-off or item given up as the result of an economic decision is called a(n) opportunity cost. economic trade-off. increasing cost. recycled trade-off.7. Who presents the final federal budget to Congress at the beginning of the calendar year? the Supreme Court the President the Vice President the Office of Management and Budget8. Which of the following statements describes the economic goal of freedom? Consumers can choose where they want to work. Colleges choose the students who will attend. The government provides workmen’s compensation to large businesses. The government requires companies to pay minimum wage to certain occupations.9. Which of the following is considered a market? digging for food in a dumpster standing in an unemployment line ordering a book from an Internet bookseller website growing food in a backyard garden10. In a ____________ economy, some government involvement in the economy is evident. centrally planned laissez faire corporate mixed11. Which of the following is a disadvantage of free market economies? Consumers receive the goods and services they need. Many products are provided in an attempt to meet the demands of consumers. Some consumers are not paid fairly and equally. Public services are available to all members of society.12. Which of the following is a principle of the American Free Enterprise System? voluntary exchange tax rebates absolute advantage federal regulation13. Which of the following is an example of a public good? private college interstate highway retirement village hotel14. The Federal Reserve is run by Congress. the President. the Board of Governors. the U.S. Treasury.15. Monetary policy is best described by which of the following statements? Policies Congress puts into effect to manage the money supply. Policies the President puts into effect to manage the money supply. Actions that the Office of Management and Budget takes to monitor fiscal policies. The collection of actions the Federal Reserve takes to manage the money supply.16. Which of the following will cause shifts in the quantity of a product supplied? production increases establishment of new companies both a and b neither a or b17. If demand decreases, producers will decrease prices to get people to buy their goods. stop people from buying their goods. influence the IRS to impose tax relief measures. cause an increase in supply.18. Which of the following is a characteristic of a general partnership? Partners sell each other shares. Partners sell shares to cover costs. Partners share responsibilities. All but one of the partners is liable for all debts.19. Lynette buys a cup of coffee for $1.25. She hands a $2.00 bill to the cashier and receives $.75 in return. Which of the following is NOT a characteristic of money illustrated in this example? It is easily transferable. It is not easy to divide. It is easy to carry around. It is accepted everywhere.20. Which of the following was an example of a monopoly that was forced by the government to break-up into smaller companies? United Airlines AT & T Verizon Citibank21. Which of the following is considered the riskiest type of investment? certificates of deposit savings accounts stocks bonds22. Which goal of the U.S. economy is important in reducing the amount of waste of resources? efficiency equity growth stability23. What is the highest point of the business cycle called? trough peak depression recession24. Which of the following is a factor that influences the business cycle? import fees interest rates on loans tax rebates political elections25. What is the name given to unemployment that occurs because people do not have the required job skills? seasonal frictional cyclical structural26. The government calculates the unemployment rate by adding the CPI Index to the GDP and dividing by the number of people in the labor force. taking the number of unemployed people and dividing by the total labor force number and then multiplying by 100. adding the number of people in the labor force to the number of retired people and dividing by 100. none of the above27. Which of the following countries is involved in the North American Free Trade Agreement? United States Mexico Canada all of the above28. Which of the following is a major export of the United States? agricultural products scientific instruments ceramic figurines recreational equipment29. Which of the following is a characteristic of a developed country? low life expectancy low literacy rates low industrial output low unemployment30. Which of the following organizations focuses on getting rid of poverty? World Bank United Nations Development Fund North American Free Trade Agreement United Way Development Agency31. Which of the following is NOT a function of a 21st century bank? pay interest lend money accept tax payments issue credit cards32. Which of the following is NOT a characteristic of a horizontal merger? help lower costs help improve products two companies that produce the same product government controlled33. An industry that has four large firms that provide ______ of the supply of the product is called an oligopoly. 75% 65% 55% 45%34. The law of __________ is defined as the willingness of producers to produce or supply more of a good as the price of the good increases. demand increasing costs supply increasing prices35. Which of the following is described by this statement?As the prices of some goods rise, consumers cut back on the amount of items that they normally purchase and demand for these goods decreases. substitution effect income effect increment effect demand effect36. A production possibilities graph can show the effects of industrialization on the environment. True False37. Land, labor, and capital are three factors of production. True False38. Any intersection of points inside the line (to the left of the line) on a production possibilities graph shows that the economy is growing. True False39. If a business chooses to make one product over another there is always a trade-off involved because resources are limited. True False40. Competition ensures that consumers will be able to purchase products at the lowest possible price. True False41. In centrally planned economies, the people own most of the factors of production. True False42. In a circular flow of money of a mixed economy, the government puts money into the economy by purchasing goods and services that are needed to run the government and help society. True False43. In a free market economy, producers take the money they earn from selling products and use it to buy the things they want and need. True False44. When there is a shortage, producers raise the price of the good so that demand will be lowered. True False45. Medicare is one redistribution program. True False46. The U.S. Treasury conducts check clearing services for all banks in the country. True False47. Expansionary polices involve increasing spending and cutting taxes. True False48. When a market is in equilibrium, the quantity demanded and the quantity supplied is equal. True False49. When the quantity demanded for a good is elastic, it means the demand for the product is not influenced by price changes. True False50. Some corporations sell shares of stock to the public. True False51. The structural approach is used to calculate Gross Domestic Product. True False52. Unemployment has no effect on the economy. True False53. Unemployment rates nearest zero are not desirable in the economy. True False54. Nominal GDP is calculated using unchanging prices. True False55. Unemployment can force the economy into an expansion. True False56. You are faced with a problem. You want to go to the movies with your friends and see the latest action flick. However, your mother left you firm instructions to mow the lawn. You will risk losing your allowance if you don’t mow the lawn. Apply what you have learned in this course.a) Create a decision-making grid similar to the one you learned about in Unit 2. Then decide which would be the best use of your time.b) Make a choice as to which you will do. Write an explanation (at least one well-developed paragraph in length) in which you explain how you have decided to use your time and why you made that particular choice. Your explanation should include terms such as “opportunity cost” and “trade-off” and your reasoning for making the choice you made.57. How does the placement of resources around the world impact countries on an economic and political level? Be sure to explain how the placement of resources limits some countries economically but positively affects others. Answer in at least two well-developed paragraphs.58. In an essay of at least two well-developed paragraphs, briefly explain the economic theories of John Maynard Keynes and Adam Smith. Explain the importance of these economic philosophers on the free market economy.59. In an essay of at least two well-developed paragraphs, explain three types of investments you can make to personally invest in the economy and help it to grow.60. In an essay of at least two well-developed paragraphs, describe the four types of financial institutions and services each provides.61. In an essay of at least two well-developed paragraphs, describe the three theories of the causes of inflation and explain how inflation is used to measure economic performance.62. In an essay of at least three well-developed paragraphs, describe characteristics of developed nations and less developed nations and provide a few examples of each. Then describe the factors that influence the level of economic development in nations.
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