Log in
Sign up for FREE
arrow_back
Library

*Economics Post-test 2024-2025 (5/16/2025)

star
star
star
star
star
Last updated 3 months ago
60 questions
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
1
Required
5
Required
5
Required
2
Required
2
Required
1
Required
1
Question 1
1.

Question 2
2.

Question 3
3.

Question 4
4.

Question 5
5.

Question 6
6.

Question 7
7.

Question 8
8.

Question 9
9.

Question 10
10.

Question 11
11.

Question 12
12.

Question 13
13.

Question 14
14.

Question 15
15.

Question 16
16.

Question 17
17.

Question 18
18.

Question 19
19.

Question 20
20.

Question 21
21.

Question 22
22.

Question 23
23.

Question 24
24.

Question 25
25.

Question 26
26.

Question 27
27.

Question 28
28.

Question 29
29.

Question 30
30.

Question 31
31.

Question 32
32.

Question 33
33.

Question 34
34.

Question 35
35.

Question 36
36.

Question 37
37.

Question 38
38.

Question 39
39.

Question 40
40.

Question 41
41.

Question 42
42.

Question 43
43.

Question 44
44.

Question 45
45.

Question 46
46.

Question 47
47.

Question 48
48.

Question 49
49.

Question 50
50.

Question 51
51.

Question 52
52.

Question 53
53.

Question 54
54.

Question 55
55.

Question 56
56.

Question 57
57.

Question 58
58.

Question 59
59.

Question 60
60.

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

The situation in which unlimited wants exceed the limited resources available to fulfill those wants
Equity
Tradeoff
Scarcity
Market
The highest-valued alternative that must be given up to engage in an activity
Factors of production
Scarcity
Opportunity Cost
Innovation
________________ is the study of how people make choices to get what they want or need.
Capitalism
Personal Finance
Economics
Supply and Demand
What is the additional cost associated by producing one additional unit of product?
Explicit Cost
Average Cost
Marginal Cost
Fixed Cost
Taylor Swift is on tour! Tickets have almost sold out. Since supply is low, what will likely happen to the price?
Decrease
Tickets will stop selling
Increase
Remain the same
In cost/ benefit analysis (or marginal analysis), when does adding an additional unit pay off?
Marginal benefits equal or exceed marginal costs.
Marginal benefits don't exist.
When your total revenue increases.
Marginal costs exceed marginal benefits.
Trees, soil, water, and coal are all examples of
Recycling
Fossil fuels
Natural resources
Conservation
How do you satisfy your unlimited wants in a world of limited resources?
By making more money
By setting a budget
By stealing
By making choices
Which of the following is a market structure with only a single seller of a particular product?
Oligopoly
Demand
Monopoly
Supply
An entrepreneur is ....
Someone who does not want to work
Someone who takes over an existing business
Someone who works for a new business
Someone who starts a new business
The study of behavior of individual households, firms, and markets is known as
Macroeconomics
Economics
Social Studies
Microeconomics
The study of the economy as a whole is known as
Macroeconomics
Economics
Microeconomics
Home Economics
"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:
Command economy
Mixed economy
Traditional economy
Market economy
What is the opportunity cost of a company moving from point C to point B on their Production Possibilities Curve?
40 TVs
15 TVs
20 radios
50 radios
When the supply of a product or service increases and the demand stays the same, the price of the product will typically do what?
Rise
Consumer
Fall
Stay the same
When the quantity demanded for a product or service is more than the quantity supplied, this causes what?
Consumer
Shortage
Surplus
Equilibrium
The point where quantity supplied and quantity demanded are equal is?
Equilibrium
Demand
Product
Surplus
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.
Remain the same
Equilibrium
Rise
Fall
What does this curve represent?
Demand
Surplus
Supply
Equilibrium
The graph represents a
Change in quantity demanded
Decrease in demand
Change in quantity supplied
Increase in demand
If a price floor was set at $320, what is the quantity demanded?
60
20
40
80
This image best represents:
An increase in quantity demanded
An increase in demand
A decrease in quantity demanded
A decrease in demand
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?
monopoly
perfect competition
sole proprietorship
corporation
A rise in the general price levels of products is known as:
Cost-Push Phenomenon
Deflation
Hyperinflation
Inflation
A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?
recession
inflation
unemployment
demand
Which of the following would be considered unemployed?
A 14-year-old student who babysits for extra cash
A Stay-at-home parent
A recent college graduate looking for a job
A retired grandmother
What is the name of the economic visual aid?
The GDP Cycle
The Business Cycle
The Growth and Contraction Cycle
The Economic Cycle
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.
Frictional
Structural
Cyclical
Seasonal
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?
Phase 2
Phase 1
Phase 3
Phase 4
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)
Government Expenditures
Net imports
Consumption Expenditures
Investment Expenditures
What does M represent in calculating net exports? X-M
Investment
Exports
Imports
Materials
What type of GDP is calculated with the current year's prices and not adjusted for inflation?
Real GDP
GDP per capita
Inflation
Nominal GDP
Monetary Policy is the Federal Reserve Systems attempt to...
control the Federal government's interest rates
control the money supply to influence the economy
control the state governments' spending
control the Federal Government's debt
The Federal Individual Income tax is what type of tax structure?
Capital Gains Tax
Regressive Tax
Proportional Tax
Progressive Tax
Each year the federal government spends more money than it collects in tax revenue. This results in a
budget surplus
budget deficit
national surplus
national debt
Which two government programs make up the greatest share of mandatory spending?
Education and Social Security
National Defense and Medicaid
Social Security and Medicare
Medicaid and Medicare
FICA taxes are taken from a person's
property.
inheritance.
wages.
wages, but not tips if you work in a service industry.
The ability of one person or nation to produce more of a good than another person or nation.
Comparative Advantage
Absolute Advantage
Exports
Protectionism
When a nation imports more than it exports, economists say it has which of the following?
A balance of trade
A trade surplus
A national difference
A trade deficit
An exchange rate is used to
promote the use of subsidies on foreign goods.
determine the price of one country's currency in terms of another country's currency.
promote the argument supporting free trade.
determine the price of one country's imports in terms of another country's imports.
Only producing certain goods instead of everything you need is known as
Specialization
Balance of trade
Importing
Absolute Advantage
According to the law of comparative advantage, a country should
Specialize and export goods with the lowest production cost
Specialize and export goods with the lowest average cost
Specialize and export goods with the lowest opportunity cost
Specialize and export goods with the highest opportunity cost
America can produce more DVDs per labor hour than can any other country in the world. What is this an example of?
Absolute advantage
Trade Deficit

Comparative advantage
The cost of borrowed money, usually expressed as a percentage.
Savings plan
Scarce
Interest
Purches
401(k), IRA, and Roth IRA are all examples of a __________ account.
Stock
Retirement
Low Interest
College Savings
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.
Savings Account
Bonds
Mutual Funds
Real-Estate
Certificate of Deposit
This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.
Debt
Compound interest
Emergency Fund
APR
What is a credit score?
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
A three-digit numerical rating that reflects how likely you are to repay your debt.
A three-digit score that tells lenders how much money you make each year.
A five-digit numerical rating that reflects how likely you are to repay your debt
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.
Checking Account
Calculated Dividend
Certificate of Deposit
Bond
Which insurance helps provide protection from financial loss from medical care or routine health visits?
disability insurance
health insurance
life insurance
liability insurance
Why do banks and other financial institutions require collateral for loans?
to make profit
to raise needed funds
to assess the trustworthiness of the customer
to reduce the risk of lending
What is the best way to avoid credit card fees associated with using a credit card?
Use it for cash advances only.
Pay off the total balance on time each month.
Only use the card except for emergencies.
Make sure that you use the card at least once a month.
Local governments generally receive their highest amounts of revenue from
driver’s license fees.
property taxes.
excise taxes.
federal government grants.
Which of these would have the BIGGEST impact your monthly car insurance premium?
your job
your deductible
your education
your income
The price of athletic shoes has increased due to market forces. A combination of things have contributed the increased price of the shoes. According to the forces of supply and demand, select which of the following could cause this increase in the price of athletic shoes? Choose 5.
Many shoe companies shut down due to a recession
The government puts a tax on the producers of running shoes
Consumer incomes increase
Summer is approaching, and consumers shift to buying sandals instead of athletic shoes
Running becomes a popular hobby
The price of leather increases
The price of leather decreases
A recession has hit the United States. In an effort to decrease unemployment, the Government and the Federal Reserve have decided to take action. Select the type of policy the Government should implement and what type of policy the Fed should implement. Then, select one action that the Government could use to implement its policy, and one action the Federal Reserve could use to implement its policy. Select 5.
The Government should increase spending on things like parks and interstates
The government should decrease spending
The Government should Decrease the money supply
The Government should lower taxes
The Government should raise taxes
The Federal Reserve Should use Easy/Expansionary Monetary Policy
The Government should use Expansionary Fiscal Policy
The Federal Reserve should raise Taxes
The Government should increase the money supply
The Federal Reserve should decrease spending on parks and interstates
The Federal Reserve should use Tight/Contractionary Monetary Policy
The Government should use Contractionary Fiscal Policy
The Federal Reserve should decrease the money supply
The Federal Reserve should increase the money supply
Select all that could have caused the aggregate demand curve shift from AD1 to AD2. Choose 2.

The government decreases spending on projects and public works
Due to natural disaster, the price of resources used in production increase
The Federal reserve increases interest rates
Businesses see possible growth and spend money on capital equipment
The government increases the income tax
Consumers are confident about their financial future and begin to spend.
J.R. is looking to get a $100,000 loan for a house. His main concern is to pay off the loan as fast and cheaply as possible. Which loan has the best terms for J.R. to achieve this goal, and what would be a drawback to J.R. paying off his loan as quickly as possible? Select 2.
A drawback would be that he will have lower monthly payments
A drawback would be that he will pay more in interest over the course of the loan.
A 15 year loan at 10%
A 15 Year loan at 3% interest
A drawback would he that he will have higher monthly payments
A 30 year loan at 10%
A 30 Year loan at 2.7% interest
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?

B
A
C
D