*Economics Post-test 2024-2025 (5/16/2025) - Matthew Leonard | Library

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The situation in which unlimited wants exceed the limited resources available to fulfill those wants

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The highest-valued alternative that must be given up to engage in an activity

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________________ is the study of how people make choices to get what they want or need.

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What is the additional cost associated by producing one additional unit of product?

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Taylor Swift is on tour! Tickets have almost sold out. Since supply is low, what will likely happen to the price?

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In cost/ benefit analysis (or marginal analysis), when does adding an additional unit pay off?

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Trees, soil, water, and coal are all examples of

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How do you satisfy your unlimited wants in a world of limited resources?

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Which of the following is a market structure with only a single seller of a particular product?

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An entrepreneur is ....

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The study of behavior of individual households, firms, and markets is known as

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The study of the economy as a whole is known as

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"Country X" has an economic system in which individual citizens, businesses, and the government share responsibility in answering economic questions. This is an example of a:

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What is the opportunity cost of a company moving from point C to point B on their Production Possibilities Curve?

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When the supply of a product or service increases and the demand stays the same, the price of the product will typically do what?

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When the quantity demanded for a product or service is more than the quantity supplied, this causes what?

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The point where quantity supplied and quantity demanded are equal is?

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A new toy has become extremely popular with children. Parents have rushed out to buy this new toy, causing a shortage. What will happen to the price of this toy due to the shortage.

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What does this curve represent?

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The graph represents a

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If a price floor was set at $320, what is the quantity demanded?

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This image best represents:

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Mr. Doe is liable for all the debts of his company. He figures that this is a reasonable tradeoff because he also has full control of his company. Mr. Doe has which type of business organization?

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A rise in the general price levels of products is known as:

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A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?

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Which of the following would be considered unemployed?

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What is the name of the economic visual aid?

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A cashier is hired on at Spirit Halloween for the fall, and is told the job will end in November. This means that after November, the cashier will experience ______ unemployment.

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The economy is showing an increase in unemployment. Because of this, the Federal Reserve has decided to decrease interest rates. According to this information, which stage business cycle pictured above would this economy be in?

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Cars, TVs, and headphones (made in the U.S. and bought in the U.S.) belong in which part of the GDP formula? GDP = C+I+G+(X-M)

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What does M represent in calculating net exports? X-M

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What type of GDP is calculated with the current year's prices and not adjusted for inflation?

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Monetary Policy is the Federal Reserve Systems attempt to...

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The Federal Individual Income tax is what type of tax structure?

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Each year the federal government spends more money than it collects in tax revenue. This results in a

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Which two government programs make up the greatest share of mandatory spending?

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FICA taxes are taken from a person's

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The ability of one person or nation to produce more of a good than another person or nation.

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When a nation imports more than it exports, economists say it has which of the following?

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An exchange rate is used to

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Only producing certain goods instead of everything you need is known as

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According to the law of comparative advantage, a country should

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America can produce more DVDs per labor hour than can any other country in the world. What is this an example of?

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The cost of borrowed money, usually expressed as a percentage.

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401(k), IRA, and Roth IRA are all examples of a __________ account.

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Michelle wants to invest $1,000 to save for emergencies and for her future. She doesn't know much about investing and plans on seeking help from a professional. She also wants to put it into an investment that will earn her a high return, but be a relatively safe, low-risk investment. She doesn't plan to spend the money in this investment, but she does want the investment to have some liquidity to it in case she needs access to the funds in an emergency. She also wants to make sure that her investment will be diversified. What investment option would be the be best for her to meet her goal of high returns, diversification, liquidity, and low risk.

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This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.

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What is a credit score?

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Which of the following investments is an investment that earns fixed interest for a specific time period? You can reinvest your interest back into this investment.

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Which insurance helps provide protection from financial loss from medical care or routine health visits?

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Why do banks and other financial institutions require collateral for loans?

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What is the best way to avoid credit card fees associated with using a credit card?

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Local governments generally receive their highest amounts of revenue from

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Which of these would have the BIGGEST impact your monthly car insurance premium?

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Due to a drought, the price of sugar has increased significantly. This has an effect on the market for other products as well. Which market below shows the effect of an increase in the price of sugar would have on the market for powdered Kool-Aid?

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Pictured below is a my paycheck. I want to know how much I have made this year, after taxes and deductions. What is my year-to-date net pay? Type the answer in the exact format below show on the paycheck. Example: 9,999.99