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Economics Final Exam Questions with Complete Solutions (Primavera Economics)
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Economics Final Exam Questions with Complete Solutions (Primavera Economics)
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Economics Final Exam Questions withComplete Solutions (Primavera
Economics)
Which is the most effective solution when planning for retirement? - -Start as soon as possible to maximize savings -The marketing mix, also known as the Four Ps of Marketing, consists of product, price, promotion, and _[blank]_. - -Place -Which type of expense can change based on use or volume? - -Variable -Joe works full time as a carpenter and brings home $3,000 per month. He owes a total of $1,500 in fixed expenses every month, which includes items such as rent and insurance.
If Joe had $1,000 in variable expenses such as groceries and entertainment, what would be his ending balance? - -$500 -What was the original purpose of savings and loan associations? - -a way for groups of people to pool their money so that each member could build or buy a home -What are some advantages of using a debit card as opposed to cash? - -
Debit cards can help track spending carefully and accurately.
Debit cards can be replaced if they are lost. -Alan and Samuel each have a 30-year mortgage. Both mortgages were approved at the same time. Alan pays 5 percent interest, while Samuel only pays 3.5 percent.
If Alan and Samuel are the same age and make the same amount of money, why is Alan paying more in interest? - -Samuel has a better credit score, so his interest rate is lower. -Which is an example of an unsecured revolving loan? - -credit card -How are whole life insurance and term life insurance different? - -Whole life
insurance does not expire, but term life insurance does. -What role does income tax serve for the federal government? - -It is the largest source of revenue for the federal government. -Which are benefits of a mixed market economy? - -A mixed market economy provides a wide variety of products and services.
A mixed market economy provides some regulation to protect consumers. -Manny wishes to sell candy bars to his classmates to earn extra money. - -
why to produce -Why do command economies fail? - -People have little incentive to innovate.
The market allocates resources.
Large, slow bureaucracies form. -In a market economy, the exclusive possession or control of the supply or trade in a commodity or service can develop, discouraging competition. - -
monopoly -Which accurately reflect the role of government in a mixed market economy? - -The government owns or partially owns some businesses.
The government requires businesses to provide truthful advertising. -Which are characteristics of the US mixed market economy? - -consumer sovereignty
private property
profit motive -What arguments can be made for advantages of strong regulation of an industry? - -to provide consumer protection
to ensure there is adequate competition
to decrease the burden on private business -What are examples of the US government indirectly impacting the economy
without being in direct competition with private business? - -regulating gas and electric public utility companies
providing social security benefits to retirees
owning and operating the United States Postal Service
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