Economics Final Exam

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1.
1 point
A person who is considered to be a Republican, could also identify as the following:

2.
1 point
When it comes to supply and demand - When is there equilibrium?

3.
1 point
In this economic system freedom of choice and individual incentives are emphasized. It has five main characteristics – private ownership, free enterprise, competition, freedom of choice, possibility of profits.

4.
1 point
_________________is the desire, willingness, and ability to buy a good or service.
5.
1 point
A stock is:
6.
1 point
How many federal reserve banks are there in the United States?

7.
1 point
Comparative Advantage is:
8.
1 point
__________________is a good that goes well with another good.

9.
1 point
A consumer is:
10.
1 point
When inflation is low this creates

11.
1 point
Scarcity is:
12.
1 point
__________________is a product that can be used in the place of another.

13.
1 point
__________________ is the amount by which the quantity demanded is higher than the quantity supplied.

14.
1 point
________________is the pleasure, usefulness, or satisfaction that a product gives us.

15.
1 point
The rule for buying a house is:

16.
1 point
A budget is:
17.
1 point
What happens to the price of a good when there is an increase in supply?

18.
1 point
The economic and political system in which property and goods are owned by the government and products are shared by all.

19.
1 point
Buying stocks from different industries and varing companies is called

20.
1 point
This is the market value of all officially recognized final goods and services produced within a country in a year, or over a given period of time.


21.
1 point
What is the sequence of a natural evolution for an economy?

22.
0 points
How did you feel about taking the exam online?
23.
1 point
A person who is considered to be a Democrat, could also identify as the following:

24.
1 point
Reserve Requirement is:
25.
1 point
In this concept buyers and sellers are free to make their own choices. Buyers determine prices because they are able to make purchases based on whether they think the product is priced right. Sellers set prices based on making a profit/if customers will buy it. Limited govt. interference in this process.
26.
1 point
This is a tax or duty to be paid on a particular class of imports or exports.

27.
1 point
Why is GDP important in assessing the financial stability of our country?

28.
1 point
When supply meets demand, the market is in _______________________.
29.
0 points
Please write down your suggestions or comments about the economics class that you have just completed. Your honesty is welcomed and appreciated!
30.
1 point
_________________is the amount by which the quantity supplied is higher than the quantity demanded.
31.
1 point
What happens to the price of a good when there is a decrease in demand?

32.
1 point
What happens to the price of a good when there is an increase in demand?

33.
1 point
In this type of economy the government decides how much to produce, what to produce, and how to distribute goods and services. The state owns the land, natural resources, banks, and transportation.

34.
1 point
Opportunity Cost is:

35.
1 point
Where is the safest and most money conscious place to keep your hard earned money?

36.
1 point
A(n) ________________ is the exclusive possession or control of the supply or trade in a commodity or service.

37.
1 point
A producer is:
38.
1 point
A bond is:

39.
1 point
If there are too many diversities and religions within a country, it could cause conflicts and rivalries that lead to
40.
1 point
This is obtaining (goods or a service) from an outside or foreign supplier, especially in place of an internal source

41.
1 point
Federal Reserve is:
42.
1 point
_________________ refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.

43.
1 point
A savings account is:

44.
1 point
A mutual fund is: