FREE ECONOMICS AND STUDY GAMES ABOUT

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FREE ECONOMICS AND STUDY GAMES ABOUT

ECONOMICS 12TH GRADE EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -53 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: human capital

Answer:

Human capital is the stock of habits, knowledge, social and personality attributes embodied in the ability to perform labour so as to produce economic value. Human capital is unique and differs from any other capital.

Question 2: comparative advantages

Answer:

The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.

Question 3: trade-offs

Answer:

A trade-off is a situational decision that involves diminishing or losing one quality, quantity or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases and another must decrease.

Question 4: market equilibrium

Answer:

In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.

Question 5: modified union shop

Answer:

Modified Union Shop. A company that has made an agreement with a labor union stating that current employees may choose to join the union or not, but all new employees will be required to become members.

Question 6: How does the government fund a project that creates jobs

Answer:

At the most basic level, government spending reduced unemployment and thus increased tax revenues.

Question 7: secondary effect

Answer:

Effects are often classified as primary and secondary impacts. Primary effects occur as a direct result of the ground shaking, eg buildings collapsing. Secondary effects occur as a result of the primary effects.

Question 8: conglomerate goods

Answer:

A conglomerate is a corporation made up of a number of different, seemingly unrelated businesses. In a conglomerate, one company owns a controlling stake in a number of smaller companies which conduct business separately.

Question 9: scarcity

Answer:

Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities.

Question 10: Internal Revenue Service

Answer:

The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws (such as the wash sale rule).

Question 11: industrial union

Answer:

Industrial unionism is a labour union organizing method through which all workers in the same industry are organized into the same union-regardless of skill or trade-thus giving workers in one industry, or in all industries.

Question 12: federal budget

Answer:

During FY2019, the federal government spent $4.45 trillion, up $338 billion or 7.1% vs. FY2018 spending of $4.11 trillion.

Question 13: commodity money

Answer:

Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves as well as their value in buying goods.

Question 14: When will income and living standards of a nation increase?

Answer:

The level of productivity is the single most important determinant of a country's standard of living, with faster productivity growth leading to an increasingly better standard of living.

Question 15: expenditures

Answer:

the action of spending funds.

Question 16: the law of comparative advantage

Answer:

The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.

Question 17: liability

Answer:

In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events.

Question 18: municipal bond

Answer:

A municipal bond, commonly known as a Muni Bond, is a bond issued by a local government or territory, or one of their agencies. It is generally used to finance public projects such as roads, and schools.

Question 19: When is equilibrium present in a market?

Answer:

When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal.

Question 20: Consumer Price Index (know how it works)

Answer:

A Consumer Price Index measures changes in the price level of a weighted average market basket of consumer goods and services purchased by households.

Question 21: specialization and exchange

Answer:

Specialization and Exchange. BIBLIOGRAPHY. Modern economies, whether capitalistic or socialistic, whether fully developed or not, are characterized by specialization of the means of production and by exchange of goods and services.

Question 22: Branch of the U.S. Treasury Dept. in charge of collecting taxes

Answer:

The U.S. Department of the Treasury is the executive branch of the federal government that manages national finances. Treasury collects taxes through the Internal Revenue Service.

Question 23: fixed cost

Answer:

In economics, fixed costs, indirect costs or overheads are business expenses that are not dependent on the level of goods or services produced by the business.

Question 24: theory of negotiated wages

Answer:

Sometimes other theories are useful when explaining wage differentials. The theory of negotiated wages states that organized labor's bargaining strength is a factor that helps determines wages.