Economics 4th Six Weeks Test

Which of the following is a non-price determinant of demand?

On a supply and demand graph, supply will decrease and shift to the left when which of the following happens?

• One seller
• Complete barriers to market entry
• No product differentiation
The list above describes characteristics of which of the following?

All of the following are characteristics of an oligopoly except—

In a supply and demand graph what most likely happens to the price of gasoline when the price of traveling by airline decreases?

Which of the following headlines is BEST illustrated by the graph above?

In a supply and demand graph, what happens when a higher tax is placed on sales of cigarettes?

All of the following are characteristics of pure competition EXCEPT —

If the government artificially limits the price of the item offered so that it cannot rise above $0.75, it will result in —

In a supply and demand graph, what likely happens if the cost of parts for automobile products decreases?

Comparative advantage : ______ :: absolute advantage : _____ .

_______ distribution of resources among nations leads countries to ______ in products that require the use of their available resources.
Countries may then ______ with other countries for the products that they cannot produce.

Strong dollar : ______ imports :: weak dollar : _______ exports.

Japan has a 100% tariff on sports car imports from the United States. If a sports car costs $80,000.00 in the United States:

In the preceding example, the United States could do all of the following to enable the sale of more sports cars in Japan EXCEPT—

How do fluctuations to the international exchange rate of a nation's currency affect its balance of trade?

How does international trade impact economic growth within a trading nation?

Mary does not like to make choices. She likes to be told what is expected of her. She really does not like it when others have more than she has. She thinks everyone should be rewarded equally. People with values like Mary's are happiest living in and maintaining which type of economic system?

When an economist uses the term opportunity cost, it refers to all of the following situations EXCEPT—

Payroll taxes: ___________ :: compliance with laws: ___________.

Which method does a corporation primarily use to raise capital?

____________ : U.S. Economy :: ____________ : Cuban Economy.

The Nifty Toy Company has decided to incorporate and sell stock in its corporation. Which of the following will this action accomplish?

Which of the following will affect them in planning their trip?

Alyssa is beginning her own small tailoring business. She begins by making a list of all the capital goods she will need. Which of the following does NOT belong on her list?

Government can affect the circular flow model in all of the following ways EXCEPT—

Andrew values where he lives. He likes to make decisions about his job and his ability to acquire wealth. He also wants to be the one to decide what producers should produce and what he is able to purchase. In which type of economy does Andrew live?

Mary applies for an after school job at a department store which is the supplier of labor in the _______ market. Her salary will be a ________ to the business and a(n) ________ to her household. Mary decides to spend some of her salary on clothing at the mall. Her purchase of goods in the ________ market is a revenue to a business and ________ spending for a household.

All of the following are benefits of the U.S. free enterprise system EXCEPT—

All of the following are characteristics of the U.S. free enterprise system EXCEPT—