AnswersISP ONLY Economics S5000XXEconomic Development

Economic Development — Cumulative exam Answers

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The chart shows the marginal cost of producing apple pies.This chart demonstrates that the marginal cost

Question illustration
A
initially decreases as production increases.
B
initially increases as production increases.
C
eventually decreases as production increases.
D
eventually increases as production decreases.
2
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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

A
develop a plan.
B
implement a plan.
C
identify the problem.
D
solve the problem.
3

Corporate taxes are a type of

A
income tax.
B
property tax.
C
sales tax.
D
excise tax.
4

Which are affected by the factors of production? Choose three answers.the demand of the itemthe availability of the itemthe cost of the itemthe quality of the itemthe popularity of the item

A
the demand of the item
B
the availability of the item
C
the cost of the item
D
the quality of the item
E
the popularity of the item
5

A regulatory agency that attempts to limit risk in the banking system is

A
the FDA.
B
the EPA.
C
the OCC.
D
the HHS.
6

Which are indicators that economists use to measure how an economy grows? Select two options.

A
monitoring election results
B
measuring how much the economy produces
C
monitoring the popularity of different music groups
D
studying the economy of another country
E
tracking the unemployment rate
7

Which best defines a service?

A
a task that is performed in exchange for payment
B
an object that is acquired
C
a plan that is executed
D
an image that is drawn
8

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

A
total product.
B
total demand.
C
total input.
D
total output.
9

Businesses can use globalization to their advantage by

A
creating trade barriers to other countries.
B
reducing exports to other countries.
C
finding customers in other countries.
D
insourcing jobs in other countries.
10

Which of these is not a main advantage for a business joining a cooperative?

A
Lower costs for purchasing supplies
B
Pooling products for better selling prices
C
Sharing costs for needed services
D
Having a larger vote than smaller companies
11

The graph shows a demand curve with the price of a good compared to the quantity demanded.What does this graph demonstrate?

Question illustration
A
the amount of microwaves produced increases the price
B
the amount of microwaves produced decreases the price
C
the price decreases with a larger quantity demanded
D
the price increases with a larger quantity demanded
12

In a free market system, price control can include both a floor and a .

Answer not available
13

When does government regulate producers in a mixed-market economy?

A
always
B
as needed
C
as requested
D
never
14

Jacob is considering buying a new car. Which nonrenewable resource should influence the decision?

A
labor
B
water
C
minerals
D
petroleum
15

What is one reason why the government would provide financial assistance to an entrepreneur?

A
to decrease the high rate of failure of new businesses
B
to encourage the invention and development of products
C
to stimulate the economy while decreasing unemployment
D
to limit the amount of personal funds used to start the business
16

Look at the following chart.

Question illustration
A
analyzing the climate to see which fruit would grow better.
B
studying the profitability of growing apples versus oranges.
C
researching what competitors are doing.
D
choosing to grow both fruit varieties or only apples.
17

The Fed may respond to a recession by

A
discouraging consumer borrowing.
B
decreasing interest rates.
C
decreasing government spending.
D
decreasing available credit.
18

The graph below shows the value of the US dollar versus the Canadian dollar.

Question illustration
A
October 2012.
B
November 2012.
C
February 2013.
D
March 2013.
19

If expansionary taxation policies are left unchecked, which is the most likely result?

A
reduced profits
B
high inflation
C
reduced production
D
reduced disposable income
20

What is one way that technology can improve the production of goods?

A
Websites can allow consumers to purchase goods online.
B
Container ships can transport a number of goods at once.
C
Automation can create goods more cheaply and easily.
D
Airlines can send goods from one place to another.

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