FREE AND STUDY GAMES ABOUT ECON FINAL MULTIPLE

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FREE AND STUDY GAMES ABOUT ECON FINAL MULTIPLE

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -49 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: the economic system of the United States is considered a

Answer:

free market capitalist economy Question 2: which of the following is a feature of a command economy that distinguishes it from a socialist economy

Answer:

all production is managed by the government Question 3: one of the characteristics of a capitalist free enterprise economy is

Answer:

voluntary exchange

Question 4: which term best describes rent control

Answer:

price ceiling

Question 5: which of the following tactics is used only by management

Answer:

lockout Question 6: which of the following illustrates why the wage gap between women and men is discriminatory

Answer:

glass ceiling

Question 7: equilibrium is reached when what occurs

Answer:

quantity supplied equals quantity demanded

Question 8: during the great depression, union promoters

Answer:

renewed efforts because hard times united workers

Question 9: which of these statements is descriptive of a market economy

Answer:

major economic decisions are made by individuals, not for them

Question 10: in a competitive market economy, prices are considered

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neutral Question 11: economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or

Answer:

disability

Question 12: a nation's wealth is determined by its

Answer:

accumulation of all tangible products

Question 13: which of the following best expresses the idea that higher education often results in higher earnings

Answer:

signaling theory

Question 14: the four factors of production are land, labor, capital , and

Answer:

entepreneurs Question 15: which statement is the best explanation of the market theory of wage determination

Answer:

a worker's pay rate is set by suppl and demand for the worker's skills

Question 16: tools and equipment fall under what factor or production

Answer:

capital

Question 17: which of these helps explain why mixed economies develop

Answer:

people become unhappy with aspects of their current economy Question 18: which of these countries has an economy most similar to that of the former soviet union

Answer:

north korea Question 19: in which of these systems is the government most likely to provide people with goods and services they could not otherwise afford

Answer:

a socialist economy Question 20: the most comprehensive measure of a nation's wealth is provided by its

Answer:

gross domestic product

Question 21: which of the following were the first types of unions formed in the United States

Answer:

craft unions and industrial unions

Question 22: what do price ceilings and price floors prevent

Answer:

prices reaching equilibrium

Question 23: which is the opposite of a surplus

Answer:

shortage Question 24: what do most economists believe is the most efficient way to allocate resources

Answer:

competitive markets Question 25: the income earned by females has only been a fraction of that earned by males partially because of

Answer:

all of these the uneven distribution of men and women among various occupations differences in human capital discrimination Question 26: which of the following descriptions best explains the meaning of opportunity cost

Answer:

the cost of choosing one alternative over another

Question 27: a general rise in the level of prices over time is known as

Answer:

inflation Question 28: which kind of union organization was stopped by the Taft-Hartley Act

Answer:

closed shop