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MTTC Economics (007): Practice & Study Guide Final Exam

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!

Question 1 1. The government of Country X makes economic decisions by deciding where resources are allocated. Country X is an example of which type of economic system?

Question 2 2. How do economists measure the standard of living in the United States?

Question 3 3. The price elasticity of a good is determined by which of the following formulas?

Question 4 4. Bob is at the local nursery looking for shrubs. He found two shrubs: one produces flowers and the other has thorns on its stems. Bob's preference is shrubs that produce flowers, and he lacks indifference between the two shrubs. This is an example of which of the following?

Question 5 5. Why is self-government so important as part of America's core values?

Question 6 6. Which of the following is the result of raising the minimum wage?

Question 7 7. Susan has two assignments she needs to get done, one for economics and one for math. However, she only has an hour to work on homework today, so she will need to choose which assignment to work on today. She decides to work on her economics assignment and not her math assignment. This is an example of which of the following?

Question 8 8. What was the result of the Confederate government issuing paper money during the Civil War?

Question 9 9. Geographical features are important to the economic development of regions and countries. Which of the following was, and still is, a key physical feature in the economic development of the United States?

Question 10 10. In order for his students to understand the law of supply, Mr. Smith used the discovery instruction method for this unit and had his students set up a marketplace to sell various items to the student body. What does discovery instruction help students do?

Question 11 11. What is the impact on imports when the value of the U.S dollar is strong against foreign currencies?

Question 12 12. A lesser-developed country faces many barriers to become a developed country. Which of the following is NOT considered a barrier?

Question 13 13. Which of the following can the government use as a way to influence the GDP as part of its fiscal policy?

Question 14 14. Which of the following is a characteristic of an oligopoly?

Question 15 15. Which of the following is a feature of the federal income tax in the United States?

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MTTC Economics (007): 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!

MTTC Economics (007): Practice & Study Guide  /  MTTC Prep
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