UPDATED - FINAL EXAM PRACTICE

Front

WHICH FACTOR OF PRODUCTION BEST DESCRIBES OVENS PURCHASED BY A RESTAURANT OWNER?

Back

PHYSICAL CAPITAL

Front

HOW DOES ECONOMIC DECISION-MAKING DIFFER BETWEEN MIXED AND MARKET ECONOMIES?

Back

Government and consumers make economic decisions in a mixed economy, while consumers make economic decisions in a market economy.

Front

MARKET STRUCTURE WITH MOST PRODUCT DIFFERENTIATION

Back

MONOPOLISTIC COMPETITION

Front

AN INFESTATION OF APPLE WORMS HAS DESTROYED A REGION’S CROP OF APPLES. HOW WOULD THIS MOST LIKELY AFFECT THE SUPPLY AND PRICE OF APPLES?

Back

THE SUPPLY WOULD DECREASE, AND THE PRICE WOULD INCREASE.

Front

ALL OF THE FOLLOWING CAN CAUSE A SHIFT ON THE DEMAND CURVE EXCEPT?
POPULATION CHANGE, PRICES OF RELATED GOODS, CHANGE IN CONSUMER TASTES

Back

COST OF PRODUCTION

Front

RECENTLY, COUNTRY X HAS SEEN A GRADUAL INCREASE IN THE UNEMPLOYMENT RATE, THE STOCK MARKET HAS SHIFTED FROM A BULL TO A BEAR MARKET, AND THE GROSS DOMESTIC PRODUCT HAS SHRUNK THE LAST TWO QUARTERS. BASED ON THIS INFORMATION, WHAT BEST DESCRIBES THE POSITION OF COUNTRY X IN THE BUSINESS CYCLE?

Back

CONTRACTION

Front

HOW WOULD A 2% RISE IN INTEREST RATES MOST LIKELY AFFECT NEW HOUSING STARTS?

Back

HOUSING CONSTRUCTION WOULD SLOW DOWN.

Front

WHICH OF THE FOLLOWING STATEMENTS IS TRUE? MCM1.1
RECURRING EXPENSES DON'T NEED TO BE PLANNED FOR BECAUSE THEY RARELY HAPPEN.
RECURRING EXPENSES ARE EXPENSES THAT CAN NEVER BE STOPPED.
RECURRING EXPENSES SHOULD BE PLANNED FOR, PRIORITIZING NEEDS OVER WANTS
RECURRING EXPENSES ARE EXPENSES THAT ARE NOT BUDGETED.

Back

RECURRING EXPENSES SHOULD BE PLANNED FOR, PRIORITIZING NEEDS OVER WANTS

Front

HOW DOES PERSONAL BUDGET PLANNING AFFECT A PERSON’S ABILITY TO ENJOY RETIREMENT WITH A COMFORTABLE INCOME?

Back

DEVISING A BUDGET PLAN THAT IS INCLUSIVE OF LONG-TERM GOALS HELPS A PERSON SAVE ENOUGH MONEY FOR RETIREMENT.

Front

LEASING A CAR MAY BE A BETTER OPTION THAN BUYING A CAR IF…

Back

YOU DON'T PLAN ON HAVING IT FOR LONG AND DON'T WANT TO WORRY ABOUT REGULAR MAINTENANCE.