Economics & Personal Finance Final Exam Review

1. This economic system is based on customs and traditions (handed down from 1 generation to another)

• Traditional

• Command

• Market

• Mixed

Consumers dictate what is produced, entrepreneurs will respond to demand on how it will be produced and whomever is willing to work for it or can afford it will determine whom it will be produced for. What economic system is this?

• Traditional

• Command

• Market

• Mixed

A central authority (government) has to answer the big three questions in this economic system

• Traditional

• Command

• Market

• Mixed

1. 
   
   

2. This economic system is what the US is.

• Traditional

• Command

• Market

• Mixed

1. 
   
   

2. An individual’s tendency to prefer avoiding losses to acquiring gains is what cognitive bias?

• FOMO

• Endowment Effect

• Loss Aversion

• Sunk Cost Fallacy

1. 
   
   

2. The tendency to interpret new evidence as confirmation of one's existing beliefs or theories.

• Confirmation Bias

• FOMO

• Endowment Effect

• Overconfidence

1. Soft skills can be best described as…

• 1. Skills that are easy to demonstrate and measure

• 1. Skills that apply only to a specific position

• 1. Skills that are unimportant to employers

• 1. Skills that allow a person to work effectively with others

1. Which of the following activities is recommended to expand your professional network?

• 1. Attending conferences related to your field

• 1. Setting SMART goals

• 1. Asking a past manager to be a mentor

• 1. Exploring your interests

1. Which of the following is TRUE about a cover letter?

• 1. A cover letter presents the same information that is on your resume

• 1. A cover letter highlights your strengths and interest in a position

• 1. A cover letter is typically 2-3 pages in length

• 1. A cover letter can be used to apply to multiple different jobs

1. During an interview, if you've had a bad experience at a previous job, what should you do rather than speak negatively about that organization?

• 1. Speak about what you learned in that role

• 1. Avoid discussing your previous job altogether

• 1. Make up a positive story about your previous job

• 1. Speak negatively about your coworkers, but not your boss