GACE Economics (538): Practice & Study Guide Final Exam

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Question 1 1. Which of the following is NOT part of monetary policy?

Question 2 2. Which of the following is the best way to characterize fiscal policy?

Question 3 3. Which of the following is an example of being an emotional investor?

Question 4 4. Alice, a busy economics teacher, has a 45-minute planning period. She has to grade papers and make lesson plans during that her planning period. She knows she won't have time to do both so she has to choose one activity. She decides to grade papers and forgo making lesson plans. This is an example of which of the following?

Question 5 5. A key principal to both microeconomics and macroeconomics is which of the following?

Question 6 6. In regards to entrepreneurship, which of the following components is part of unlimited liability?

Question 7 7. Harry likes to eat fast food once in a while. In August he went to Burger Bonanza and ordered the number one combo meal for $6.75. In November, voters approved a minimum wage increase from $10 an hour to $12 an hour, going into effect after the first of the year. When Harry went back to Burger Bonanza in February, the same meal cost $8.75. The increase of the combo meal is due to the increase of the minimum wage. This is an example of which of the following?

Question 8 8. Which of the following formulas is used to calculate GDP?

Question 9 9. What is the main purpose of GDP?

Question 10 10. A country creates which of the following when its import values are more than its export values?

Question 11 11. Why would improvements in technology cause a supply curve to shift to the right?

Question 12 12. Which of the following is the definition of the economic term ''demand''?

Question 13 13. Which of the following would give the government in a market economy reason to intervene?

Question 14 14. What does a demand curve represent in microeconomics?

Question 15 15. The quantity of a product or service that is available for purchase at any given price point is the definition for which of the following economic terms?

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GACE Economics (538): Practice & Study Guide Final Free Practice Test Instructions

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

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