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Worksheets(118 4-8) Economics TExES Test #5
Total questions: 17
Worksheet time: 9mins
Which of the following is not a result of the industrial revolution?
Growth of cities
Increased productivity
Specialization and division of labor
The rise in religious tolerance
The_________ is a monetary of the economy's output during a specified time period and is used by all nations to measure and compare national production
Float Rate
Gross Domestic Product (GDP)
Unemployment Rate
National Output
Inflation is the result of the economy__________?
Expanding too Quickly
Remaining Stable
Expanding too Slowly
Expanding in Conjunction with the Unemployment rate
What is the difference between monopolistic competition and perfect competition?
Perfect competition has many consumers and suppliers, while monopolistic competition does not
Perfect competition provides identical products, while monopolistic competition provides similar but not identical products
Entry to perfect competition is difficult, while entry to monopolistic competition is relatively easy
Which best describes the economic system in the U.S.
Most decisions are made by open market factors, with important regulatory functions and other market modifications the result of government activity.
Most decisions are made by the government, but there is some input by open market forces
Most decisions are the result of open markets, with little or no government modifications or regulation
Capitalism and communication are alike in that they are both
Organic systems
Political Systems
Centrally planned systems
Economic Systems
In a planned economy:
The open Market determines how much of a good is produced and distributed
Individuals produce and consume a specified good as commanded by their needs
The government determines how much of a good is produced and distributed
The open Market determines the demand for a good and then the government produced and distributed the good
Economics is best described as:
The study of how money is used in different societies
The study of how different political systems produces goods and services
The study of how human beings use limited resources to supply their necessities
The Study of how human beings have developed trading practices through the years
If society wants greater income equality, it will
Impose a progressive income tax
Impose high estate taxes
Impose a gift tax
All of the above
Which of the following best defines American (GDP)
The value, American dollars, of goods and services produced within the American borders during one calendar year.
The value, American dollars, of all goods and services produced by American companies during one calendar year.
The value, American dollars, of all American household incomes during one calendar year.
Ivy loses her job because her skills as a seamstress are no longer required due to a new piece of machinery that does the work of a seamstress more quickly and for less money. which type of unemployment is this?
Frictional
Structural
Cyclical
Careless
Which is considered part of the natural rate of unemployment?
1. Structural
2. Frictional
3. Cyclical
1 only
2 only
3 only
1 and 2 only
The price of a fleece blanket goes up from $10 to $11. At the same time, demand goes down from 1000 blankets to 800 blankets. which of the following statements is true?
Demand is elastic
Demand is inelastic
The price elasticity quotients, or Ed, is less than 1
The price elasticity quotients, or Ed, is equal to 1
The price of oil drops dramatically, saving the soda company great amounts of money spent to make the soda and deliver the soda to market. Prices of the soda pop, however, stay the same. this is an example of what?
Sticky price
Sticky wages
The multiplier
Aggregate expenditure
Which of the following will result if two nations use the theory of comparative advantage when making decisions of which goods to produce and trade.
Each nation will make all of their own goods
Both nations will specialize in the production of the same specific goods
Each nation will specialize in the production of different specific goods
Neither nation will trade with one another
How do banks create money?
By printing it
By taking it out of the Federal Reserve
By loaning it out
By putting it into the Federal Reserve
Economics is best defined as the study of what?
Scarcity
Business
Trade
Supply and demand
