FREE ECONOMICS AND STUDY GAMES ABOUT ECON

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FREE ECONOMICS AND STUDY GAMES ABOUT ECON

FINAL BECK EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -137 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Goods that people buy or do not buy according to the price

Answer:

Elastic good

Question 2: Firms supply households with goods and services-household pay for

them,Households supply firms with land, labor, and capital-firms pay for them

Answer:

Circular flow

Question 3: Person who owns stock in a corporation

Answer:

Stockholder

Question 4: Doctine-government should not interfere in the marketplace

Answer:

Laissez faire

Question 5: Supply of a good or service that increases or decreases as the price of an item goes down or up

Answer:

Elastic supply

Question 6: Market in which a single seller dominates

Answer:

Monopoly

Question 7: Coined money, usually gold or silver, used to back paper money

Answer:

Specie

Question 8: Grants in Aid

Answer:

Aid to State Governments Question 9: Study of economic behavior and decisions in small units, such as a household and a business

Answer:

Microeconomics Question 10: Revolves around the family unit, decisions are made according to custom, habit, or tradition

Answer:

How are the three basic economic questions answered in a traditional economy?Question 11: Everyone in an economy must be able to take the object that serves as money and exchange it for goods and services

Answer:

Acceptability of money Question 12: Organization that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets

Answer:

Mutual funds

Question 13: Freedom to make own economic decisions,jobs for all, fairness,limit inflation-keep prices stable,use resources wisely,promote the American Dream

Answer:

U.S. economic goals

Question 14: Demand for a product or service is sensitive to price changes

Answer:

Elastic demand Question 15: Legal entity, owned by individual stockholders, each of whom has limited liability for the firms debts

Answer:

Corporations

Question 16: Budget in which revenue and spending are equal

Answer:

Balanced budget Question 17: When to high people don't buy and the economy moves into a recession, when low people borrow money and the economy inproves

Answer:

Effect of interest rates Question 18: Institution that functions much like a business, but does not operate for the purpose of general profit

Answer:

Non profit organizations Question 19: Recognition of design or color to encourage consumer to buy one product over another

Answer:

"Label Power"

Question 20: National Association of Securities Dealers Automated Quotations-trades stocks over the internet or by phone, investors buy directly from brokers who search for best prices

Answer:

NASDAQ

Question 21: Control the amount available

Answer:

Limited supply of money Question 22: Legal document that provides for the creation of a corporate entity

Answer:

Charter Question 23: Objects that have value in and of themselves and are also used as money

Answer:

Commodity money Question 24: Stock market launch is a type of public offering where shares of stock in a company are sold to the general public

Answer:

IPO(initial public offering)

Question 25: Prolonged economic contraction

Answer:

Recession Question 26: Type of partnership in which only one partner is required to be a general partner

Answer:

Limited partnership Question 27: Supply and demand for a good or service are unaffected when the price of that good or service changes

Answer:

Inelastic supply