The founding member-states of the Organization of the Petroleum Exporting Countries believed that it was necessary to cooperate to influence the global market for crude oil because that market is:

an oligopoly, so producers are able to cooperate and set a high price for oil.

perfectly competitive, so individual producers have little control over the price of oil.

monopolistically competitive, so producers must produce the highest-quality oil.

a monopoly, so small producers must work together to break into the market for oil.

Which of the following types of firms is likely to be a monopolistic competitor?

All of the above are likely to be monopolistic competitors.

How would U.S. consumers most likely react to a large increase in the excise tax on luxury cars imported from Japan?

U.S. consumers would buy more domestic or European luxury cars

U.S. consumers would continue to buy Japanese luxury cars

U.S. consumers who usually purchase Japanese luxury cars would demand greater fuel efficiency in those cars

U.S. consumers who usually purchase Japanese luxury cars would buy non-luxury Japanese cars instead

How could a national economy achieve a favorable balance of trade?

by exporting more than it imports

by increasing its money supply to surpass a trade deficit

by meeting its trade quotas with its industrial output

by importing goods equal in value to its exports

How could the government use fiscal policy to help lower the high inflation rate in the country?

by reducing government spending

by reducing corporate and personal tax rates

by reducing the reserve requirement for banks

Based on the text, how can the government use fiscal policy to combat a recession?

by increasing individual disposable income

by increasing individual income taxes

by increasing regulations on business

Based on the text, how does effective monetary policy influence the economy?

It keeps prices steady, with the aim of increasing employment.

It reduces prices, with the aim of increasing savings for consumers.

It increases prices, with the aim of maximizing profits for producers.

It makes prices less stable, with the aim of maximizing short-term growth.

Based on the text, how does the government utilize fiscal policy to slow a contraction in the business cycle?

by lowering taxes or increasing government spending

by raising the interest rate or lowering the reserve requirement

by issuing more currency and increasing tariffs to protect U.S. industry

by reducing the interest rate and decreasing the amount of currency in circulation

How does a government’s imposition of a tariff on a foreign good most likely impact the good in the domestic market?

It increases available subsidies.

How would a two percent rise in interest rates most likely affect new housing?

Housing construction would come to a standstill.

There would be a major increase in housing construction.

There would be a slight increase in housing construction.

Housing construction would slow down.

Governments impose tariffs to protect a domestic industry from foreign competition. How does a new or increased tariff affect consumers and the rest of a nation’s economy?

The national economy experiences an inflationary surge.

The prices for products of the industry decline.

The prices for products of the industry increase.

The national economy experiences a deflationary surge.

Between 2018 and 2019, the Trump administration placed tariffs on Chinese imports, and China responded with similar measures on US imports. How did this affect trade between the countries?

It led to a decrease in trade between the countries as foreign goods became more expensive than domestic goods.

It led to an increase in trade between the countries as domestic goods became more expensive than foreign goods.

It led to an increase in trade between the countries as more goods were able to be imported into each country.

It led to a decrease in trade between the countries as fewer goods were able to be imported into each country.

Why do states such as North Carolina encourage the development of defense-related industries in their states?

Federal contracts inject money into state economies, encouraging economic growth and creating jobs.

Federal contracts protect local companies from competition from companies in other states.

Federal contracts lead to increased government spending, which helps keep inflation rates low.

Federal contracts give state governments influence over the federal government's national security policies.

Based on the text, how does participation in the world economy benefit North Carolina?

It produces better job opportunities in the state.

It allows the state to monopolize national industries.

It enables the state to reduce its reliance on imported goods.

It increases the proportion of foreign laborers in the state’s workforce.

Based on the text, how did North Carolina contribute to the world economy?

It provided foreign markets with their agricultural produce.

It helped other countries meet their need for agricultural labor.

It became a leader in the export of manufactured goods.

It financed agricultural production in other countries.

How does participation in the world economy benefit North Carolina?

Competition from foreign industries increases employment opportunities for North Carolina workers.

International trade agreements ensure North Carolina farmers a monopoly in foreign markets.

Expanded access to imported goods increases choices for North Carolina consumers and businesses.

Access to international markets eliminates the need for North Carolina manufacturers to research and develop new products.

Which of the following describes what scarcity is in the context of economics?

Needs & wants outweigh the amount of resources available.

The concept of supply and demand

A social science dealing with people’s needs and wants

A limited amount of resources compared to prices.

Which of the following best describes what a Market economy is in the context of economics?

Economic decisions are controlled by supply and demand with no government influence

Economy controlled by the government

Goods and services are traded among families with varying skills in production.

Which of the following typically occurs during a period of economic expansion?

Increase in production and sales

Decrease in sales and production

Based on your knowledge of the forces of supply and demand, how can Sasha help her business succeed? Sasha’s Smoke Stack is a barbecue food truck that Sasha owns and operates in Durham, North Carolina. There are many other barbecue food trucks in the area, so Sasha’s business faces a lot of competition. Because of the other businesses, she is unable to sell all of the meat she smokes each morning. She charges more money for meals than some of her competitors and is struggling to earn high profits.

She can increase the quantity demanded for her meals by lowering their price

She can convince customers to pay more for her meals by increasing the supply of barbecue

She can convince customers to buy more of her meals by increasing the supply of barbecue

She can increase the quantity demanded for her meals by raising their price

What advantage is there to investing in a mutual fund instead of a company’s stock?

Diversifying investments can reduce risk of loss.

Diversifying investments increases short-term returns.

Mutual funds signify an ownership interest in a company.

Mutual funds provide regular dividend payments.

Based on the text, what comparison can be made between saving money in a certificate of deposit and investing it in stocks, bonds, and mutual funds?

Investing can provide larger returns but carries more risk of losing money than saving.

Saving generally provides an individual with a larger eventual reward than investing.

Saving is more suitable for planning for long-term goals, while investing is more appropriate for short-term goals.

Investing is best for an individual who might need to access the funds quickly, while saving is best for an individual with little need to access the money.

Which factor is most important in determining how much to save for retirement?

the risk tolerance of the individual

the credit score of the individual

the amount of money in the individual’s emergency fund

the number of years the individual intends to remain in the workforce

Based on the text, which statement provides an accurate comparison between the potential to build wealth of savings and investment products?

Savings products provide lower investment risk, but often lower reward than investment products.

Savings products are guaranteed to build high wealth, while investment products build steady, lower returns.

Savings products may suffer significant loss, while investment products are federally insured from loss.

Savings products are more affordable than investment products, which can be expensive.

Jake joins his company's 401(k) plan. How will that action affect his annual personal income?

His disposable income will decrease, but his retirement income will increase.

His gross pay will increase, but his net pay will decline.

His monthly paycheck will increase, but his yearly federal income tax bill will decline.

The amount in his savings account will decline, but his disposable income will increase.

What is the best advice you can give to a friend about using a credit card?

Pay the balance in full on time each month.

Pay the minimum payment every month on time.

Use the credit card to take cash out of an ATM instead of your debit card since it’s cheaper.

Be sure to borrow up to your credit limit as it will help your credit score.

What is a secured credit card?

Card is secured by a deposit you make with the bank that issues it.

Card is guaranteed against fraud.

Card cannot be stolen because it is chained to your body.

It is a virtual account number you can use on-line.

What is the best way to improve your credit score?

Make credit card payments on time

Which of the following is NOT considered when calculating your FICO score?

The types of credit you are using

How does an increase in taxes on the production of a good affect the supply curve?

It shifts the supply curve to the left.

It shifts the supply curve to the right.

It causes a movement along the supply curve.

It has no effect on the supply curve.

What would be an example of a shift in the supply curve to the left?

A natural disaster that destroys part of the production capacity

A decrease in the price of raw materials

An increase in the number of producers

A technological advancement that makes production more efficient

What is the effect of an increase in consumer income on the demand for an inferior good?

Demand first increases, then decreases

An increase in the price of a substitute good will likely:

Increase the demand for the original good.

Decrease the demand for the original good.

Have no effect on the demand for the original good.

Decrease the supply of the original good.

A decrease in the price of a complement good will likely:

Increase the demand for the original good.

Decrease the demand for the original good.

Have no effect on the demand for the original good.

Increase the supply of the original good.

Economics Final Study Guide

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Social Studies

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12th Grade

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Hard

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Economics Final Study Guide

63 questions

If the curve shifts to the left, what most likely happened?

A company wants to make trucks, sports cars, and SUVs but does not have the capability to produce all three types of vehicles. They decided to make only SUVs. What economic term is applied to trucks and sports cars?

Which of the following would likely cause an increase in demand for a good right now?

How is a Command economy described in the context of economics?

Susie Smith is a celebrity who is famous for her fashion advice. She recently wore a scarf and spoke publicly about how much she liked it. What is likely to happen to the supply of that scarf and why?

Sally works in a private company that has to follow government rules for public safety. What type of economy does this scenario best describe?

The basic economic problem that all individuals, businesses, and governments must solve is:

In a Market economy, which of the following groups has the most influence in determining what goods and services are produced and offered?

Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie?

Characteristics shared by monopolistically competitive markets and perfectly competitive markets include:

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