Economics Final Exam review

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What would be an appropriate title for the journalist's article covering the press conference? Options: Georgia Hurts its Economy by Sending Jobs and Industries Overseas; Participating in exports does not mean Georgia is sending jobs or industries overseas. Instead, they are selling goods to foreign markets.; Percentage of Georgia's Economy Tied to Trade is Too Small to Measure; The notes suggest that the percentage of the economy tied to trade is significant and measurable.; Exports Bring Jobs and Sizable Growth to Georgia's State Economy; The notes show that exports contribute to both the economic production in the state and the employment of many workers.; Georgia is Too Reliant on Trade to Drive State's Economic Growth; The notes do not suggest that Georgia is over-reliant on trade. Instead, the points suggest that trade is an important and beneficial component of the state's economy.

Back

Exports Bring Jobs and Sizable Growth to Georgia's State Economy; The notes show that exports contribute to both the economic production in the state and the employment of many workers.

Front

What factor typically causes the value of a nation's currency to fall compared to other currencies?

Back

high levels of inflation

Front

Which action would most likely result in the largest increase in the person's credit score in the next six months? Options: Anthony takes out a loan to help him purchase a car., Cheyenne pays off the remaining balance on her credit cards., Cheyenne takes out a mortgage for an expensive house., Anthony applies for a fifth credit card from a different bank.

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Cheyenne pays off the remaining balance on her credit cards.

Front

Diego and Luna both work on a fishing boat. On average, Diego catches 20 fish per day, while Luna averages 15 fish per day. After they have both worked for their particular company for a month, Diego is offered a raise of $4 an hour, while Luna's wages remain the same. Which of the following BEST explains the company's justification for this?

Back

Diego is contributing more to the company's revenue than Luna.

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Look at the table. Then answer the questions that follow. Personal Income Tax Rates in Four Countries Income Bracket Country Q Country R Country S Country T $1–$25,000 4% 15% 40% 10% $25,001–$95,000 8% 20% 20% 10% $95,001–$200,000 16% 30% 10% 10% $200,001+ 32% 50% 5% 10% Only Country T has a proportional income tax system.

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Only Country T has a proportional income tax system.

Front

What factor does not determine whether something functions well as a modern currency? Options: whether it is widely accepted as a payment for goods, whether it is measured in units that are easy to calculate, whether it will retain its value over time, whether it has a high intrinsic value

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whether it has a high intrinsic value

Front

Based on the graphs illustrating statistics about Country X, what most likely occurred in Country X between 2000 and 2020?

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real GDP per capita increased

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How has the increasing use of robotics in manufacturing affected the US economy?

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It has contributed to economic growth but eliminated jobs previously performed by humans.

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Which development indicates that Country X's economy has entered a recession? Options: a steady and sustained increase in industrial production levels, a steady and sustained decrease in gross domestic product, a steady and sustained increase in average income levels, a steady and sustained decrease in the rate of unemployment.

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a steady and sustained decrease in gross domestic product

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A popular social media influencer creates a series of videos promoting a new skin care product. What economic impact is this most likely to have?

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It will likely lead to an increase in the price of the product.