Economics Final Exam 2021

What kind of economy is used by the United States?

• Command

• Traditional

• Communism

• Mixed-market

What economy is mostly controlled by the government?

• Command

• Traditional

• Mixed Market

• Capitalism

What is the definition of economics?

• the study of how people try to satisfy unlimited wants and needs with limited resources

• the study of the earth

• the study of money

• the study of how people decide how to play the stock market

What is defined as the equilibrium price?

• the price at which supply and demand intersect or meet

• the price at which supply is greater than demand

• the price at which demand is greater than supply

• the price at which demand increases and supply decreases

Monopoly is when there is a single?

• seller of a product

• purchaser of a product

• product

• form of currency

What is the name of a stock market that is rising?

• Bull market

• Bear market

• Supermarket

• Farmer's market

What is the name of a market that is declining?

• Bull market

• Bear Market

• Supermarket

• Farmer's market

What are the four factors of production?

• Land, Labor, Capital, Entrepreneurship

• Land, Labor, Capital, Product

• Capital, People, Entrepreneurs, Services

• Land, Entrepreneurs, Physical Resources, Goods

Which of the following is a service?

• Attorney

• I-Phone 12

• Laptop

• Box of Lucky Charms

Which of the following is a good?

• Doctor

• Lawyer

• Teacher

• Pair of jeans