Economics Semester Final Exam 2021

4) In simple terms, economics is all about

• A) Making money

• B) Making choices

• C) Scarcity

• D) Producing goods

10) All the resources used to produce other goods and services.

• A) Labor

• B) Natural Resources

• C) Capital Resources

• D) Opportunity

45) The graph represents which concept of demand

• A) Change in Price

• B) Change in Quantity Demand (Slide)

• C) Decrease in Demand

• D) Change in Demand (Shift)

45) The price of coffee increases and people switch to drinking tea. The determinant of demand (Shifter) is

• A) Income

• B) Consumer Preferences/Tastes

• C) Price of Related Goods (Complements)

• D) Price of Related Goods (Substitutes)

53) The price at which the amount demanded is equal to the amount supplied

• A) Shortage

• B) Surplus

• C) Equilibrium price

• D) Profit

95) The dollar value of all final goods and services produced within a country's borders in a given year and a measure of economic well being.

• A) Consumer Price Index

• B) GDP per capita

• C) Gross Domestic Product

• D) Inflation

99) GDP is calculated by adding all of the components, EXCEPT

• A) Consumer Goods

• B) Government Spending

• C) Underground Economy

• D) Business Investment

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

Capitalism is in what type of economy?

• Traditional

• Command

• Market

• Authortarian