EPF Final Exam Review Fall 2023

True or False: The overall goal for investing money is to build your wealth overtime.

• TRUE

• FALSE

True or False: The overall goal for investing money is to become part owner of a company

• TRUE

• FALSE

True or False: The overall goal for investing money is to purchase variable costs each month.

• TRUE

• FALSE

True or False: The overall goal for investing money is for emergencies only

• TRUE

• FALSE

You have invented a new type of solar panel that will allow energy costs to be cut in half. What should you obtain to insure the highest profits from your innovation?

• patent

• license

• franchise

• copyright

LeBron decides to spend an hour playing basketball rather than studying. His opportunity cost is

• nothing, because he enjoys playing basketball more than studying

• the increase in skill he obtains from basketball for that hour

• the benefit to his grades from studying for an hour

• nothing, because he had a free pass into the sports complex to play basketball

An economy in which government and consumers make economic decisions is known as a

• Command

• Market

• Traditional

• Mixed

An economy in which only the consumers make economic decisions is known as a

• Command

• Market

• Traditional

• Mixed

An economy in which the government makes all economic decisions is known as

• Command

• Market

• Traditional

• Mixed

True or False: If a US tariff is placed on all imported cars, domestic producers of cars will be hurt because they will now have more competition.

• TRUE

• FALSE