Apex Economis Exam Questions With Verified Answers
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Apex Economis
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Apex Economis
Apex Economis Exam Questions With
Verified Answers
Economics is about allocating resources to produce... - answerGood and Services
What is an exaple of an allocation decision - answercoal is set aside to burn as heating fuel
What best explaing why the game of economics cannot eliminate scarcity...
Apex Economis Exam Questions With
Verified Answers
Economics is about allocating resources to produce... - answer✔Good and Services
What is an exaple of an allocation decision - answer✔coal is set aside to burn as heating fuel
What best explaing why the game of economics cannot eliminate scarcity? - answer✔No matter
how much supply is produced, people's demands will alwasy increase to exceed supply
A. Social Country
B. Planned Economy
c. Free - market system - answer✔A. Providing eqaulity of wealth
B. Making allocation decisions
C. Protecting Freedom of choice
Because the choices of consumers influence producers and the chouices of profducers also
influence consumers, the free makret system has what? - answer✔A circular flow onf influences
What best describes a situation where the goal of security is being pursued? - answer✔A
company opens a new factory and employs more workers.
The GDP would increase significantly if which of the following occurred? -
answer✔Consumption doubled.
Which of the following describes the purpose of doing a cost benefit analysis? - answer✔To
make a decision that maximizes benefits
The practice of buying and selling goods and services over the internet is known as - answer✔E-
Commerce
Which of the following is not a goal pursued in the game of economics? - answer✔Inflation
Which of the following is another term for a planned economy? - answer✔Socialist system
Calculation of cost and benefit are always ... - answer✔subjective
When the GDP is neither growing nor shrinking, a country's economy is... - answer✔Stagnating
Which of the following best explains vwhy players in the game of economics are often in confict
with each other - answer✔Some economic goals are incompatible with each other
The internet influences the economic decisions people make because of which of the following...
- answer✔The info available hat is accessible allows consuemers to consider every available
option
Which of the following economic indicators would be most useful for figuring out whether the
economy is growing quickly or slowly - answer✔GDP
A. Improved Resolution
B. Instant Communication
C. Efficient Production - answer✔A. HDTV
B.Internet
C.Assembly line
Which of the following is not a feature common to all games? - answer✔Teams
Which of the following does the government do in a socialist country? - answer✔Set prices for
goods and services
The two forms of technology are better devices and improved - answer✔method
Technological advancements can improve productivity by doing which of the following -
answer✔Developing machines that reduce the human effort needed to produce goods and
services
Which of the following is one of the benefits of e-commerce brings to consumers -
answer✔shipping gifts is easy
Which of the following question must be answered in order to turn resources into products? -
answer✔How should production be organized?
Which of the following best explains why the gov't makes and enforces laws in a free market
system - answer✔Laws against theft, fraud, and coercion are needed to protect free choice
Which of the following best explains why minimizing costs is a rational way to make decisions?
- answer✔Paying a cost means doing without something good or accepting something bad.
In a free market system, the profit motive motivatesd producers to do which of the following? -
answer✔Minimize costs and maximizes revenues
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