EOCT Review Charts

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B) SyriaA) Israel

C) Turkey

1)Which country MOST likely relies on primary economic activities?

D) Yemen

B) II and IV only A) I and IV only

C) I, II, and IV only

I. the European UnionII. ASEANIII. OPECIV. NAFTA

2)Proponents of free trade would MOST LIKELY support which of these organizations?

D) II, III, and IV only

B) 1989 A) 1988

C) 1990

3) Washboard mussels are found along Wisconsin's portion of the Mississippi River. According to the diagram, equililbrium price occurred in which year?

D) 1995

B) buyers and sellers cannot agree on a price

A) the price for Twinkie-Doodles went down

C) the supply of Twinkie-Doodles has decreased.

4) The graph shows the demand for Twinkie-Doodles in the months of June and December. The demand curve has moved to the right on the graph. This shows that..

D) the demand for Twinkie-Doodles has increased.

B) supply. A) demand.

C) equilibrium price.

5) Assuming that the graph follows the normal laws of economics, the line represents

D) production possibilities

B) the product marketsA) the factor markets.

C) the purchase of land

6) Money that individuals receive from businesses return to businesses in

D) the payment for resources

B) Consumer demand for compact discs has decreased

A) Consumer demand for compact discs has increased

C) The efficiency of downloading music has decreased.

Due to technological advances, individuals are able to buy and download music from the Internet as opposed to simply buying music from a store.

7) Which statement describes an economic impact of this technological advance?

D) The number of stand alone music stores has increased

B) World War I A) Korean War

C) Vietnam War

8) The peak in 1945 would correlate to what international issue?

D) World War II

B) recovery.A) recession.

C) peak

9) A period during which real GDP declines for two quarters in a row, or six consecutive months, is MOST LIKELY a

D) trough.

B) The output of Product A increases to 60,000 total units.

A) The output of Product A decreases to 0 total units.

C) The output of Product A decreases to 30,000 total units

10) What happens to the production of Product A as a result of comparative advantage?

D) The output of Product A increases to 800,000 total units.

B) two U.S. dollars. A) one U.S. dollar.

C) four U.S. dollars.

11) According to the information, one U.K. pound is worth approximately

D) one-half of one U.S. dollar.

B) Teenage labor force participation has steadily declined since the recession of 1954.

A) More than half of all 16-19 year olds were in the workforce in 1961

C) The lowest recorded teenage labor force participation rates have occurred since 2001

12) Which statement is the MOST ACCURATE description of teenage labor force participation?

D) Since the recession of 1991, the participation of 16-19 year olds has steadily increased

B) At the equilibrium price, quantity supplied exceeds quantity demanded

A) At the equilibrium price, quantity supplied equals quantity demanded.

C) When the price goes above the equilibrium price, quantity demanded increases.

13) Which statement accurately describes the contents of this graph?

D) When the price goes below the equilibrium price, quantity supplied increases

B) an increase in prices

A) higher labor costs

C) shortage of required resources

14) The graph is a production possibilities chart. Which of the following might cause the line to move to the right?

D) improved technology in whoopee cushion production

B) Bill ClintonA) John Kennedy

C) Richard Nixon

15) Which of the following presidents was NOT able to reduce the national debt as a percentage of the gross domestic product?

D) Ronald Reagan

B) free trade for exports

A) free trade for imports

C) trade barriers for imports

This regulation lays down the principle that exports from the European Community to third countries are free...they are not subject to any quantitative restrictions."-European Community Council Regulation No. 2603/69 20 December 1969

16) Based on this passage, the European Union has established

D) trade barriers for exports

B) dependency ratio A) capital goods

C)specialization of labor.

17) The workers in this photo MOST LIKELY represent

D) economic interdependence

B) JapanA)India

C) Vietnam

1. It is one of the most successful market economies in the world today. 2. Its economy is the second largest in the world, with $4.5 trillion in GDP. 3. Because of its physical geography there is little land available for farming, so it is highly industrialized and imports most food products.

18) Which nation is described by these statements?

D)North Korea

B) $10A) $5

C) $15

When William got a summer job delivering newspapers, he decided to budget his income. This week, William made $50 at work.

19) According to William’s budget, how much money from this week’s pay should he put into his new computer fund?

D) $20

B) Businesses purchase productive resources in product markets.

A) Businesses buy goods and services from individuals

C) Individuals provide labor for factor markets and buy goods in product markets.

20) How do individuals contribute to the circular flow of economic activity?

D) Individuals buy productive resources from factor markets and provide labor for product markets

B) $12,000A) $10,500

C) $14,999

21) You have decided to buy a car and would like a newer model year. You also want very low miles. Based on the research in the table, how much will you have to save for the car?

D) $15,999

B) labor and rice field A) capital and oil rig

C) capital and wheat field

22) Which example of productive resources is matched correctly?

D) labor and risk-taker creating new product

B)Bond-Based Mutual Funds A)Savings Accounts

C)Certificates of Deposit

23) Jan is risk-averse, but wants to earn the best rate of return in less than two years. Which investment would MOST LIKELY meet Jan's need?

D)Stock-Based Mutual Funds

B) increased money supply

A)an increase in taxes.

C)reduction in exports.

24) All of the following would cause a shift to the left of the aggregate demand curve EXCEPT for

D)declining consumer spending

B) The equilibrium price went up

A) It did not change

C) The equilibrium price went down

25) In the graph, what happened to the equilibrium price when the supply curve moved from S1 to S2?.

D) It indicated a decrease in demand

B)country Y should produce food and import clothes from country X

A)country X should produce food and import clothes from country Y

C) country X and Y should produce both food and clothes to meet their own needs

26) Country X can produce 1,000 units of food and 2,000 units of clothes. Country Y can produce 1,000 units of food and 1,000 units of clothes. In order to maximize trade according to the principles of comparative advantage,

D)country Y should produce both food and clothes, and import additional clothes from country X

B) Argentina has limited access to natural resource.

A) Argentina has limited access to human resources.

C) Argentina has access to both natural and human resources

27) The economy of Argentina is dependent upon the exportation of vegetation grown in the Pampas, one of the largest fertile plains in the world. Based on the information on this map, which statement about economic activity is correct?.

D) Argentina has access to both human and capital resources.

B) is worth slightly lessA) is worth slightly more

C) is worth significantly more.

28) In relation to the Indian Rupee, the Canadian dollar.

D) is worth significantly less.

B) annual earnings are not impacted by educational attainment.

A) educational attainment has an inverse relationship to annual earnings.

C) all workers with higher educational attainment have higher annual earnings..

29) Based on the U.S. Census information in the graph,

D) annual earnings have a generally positive correlation with educational attainment

B) $.64 per poundA) $.75 per pound

C) 500 thousand pounds

30) At which price does quantity demanded equal quantity supplied?

D) 600 thousand pounds

B) OPECA) EU

C) NAFTA

31) This map is depicting which international economic organization?

D) OAS

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