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Fundamentals of Economics & Capitalism Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Which of the following goals do the rules of American politics accomplish?

Question 2 2. What is the term used in both macroeconomics and microeconomics that describes the reasons individuals and nations behave the way they do?

Question 3 3. Which of the following is best suited for a capitalist system?

Question 4 4. Which is calculated in economic profit and NOT included while calculating accounting profit?

Question 5 5. What does 'laissez-faire' mean?

Page 2

Question 6 6. Which of the following is closest to the U.S. GDP in 2014?

Question 7 7. Which of the following is NOT a subject in the study in macroeconomics?

Question 8 8. Your teacher is talking about the principles of capitalism and states: 'The main role of the government in capitalism is to ensure people have the freedom they need to buy and sell their goods and services in an open and competitive market. In doing so, the government should protect the right of anybody to own property and should protect workers. However, consumer protection is not important. Free competition will root out bad products, so the government doesn't need to protect consumers.' What did your teacher say that was NOT correct?

Question 9 9. If a shift factor of demand causes a shift of the demand curve to the right, what will most likely happen?

Question 10 10.

Before starting her business, Judith used to work as a salesperson in a flower shop and earned an annual salary of $30,000.

In the first year of its operation, her business produced a total revenue of $70,000. The various payments made by the business amounted to $35,000. Calculate the economic profit of Judith's business in its first year.

Page 3

Question 11 11. Which of the following is NOT true?

Question 12 12. What does capitalism offer business owners?

Question 13 13. Which one of the following is NOT a characteristic of capitalism?

Question 14 14. Which of the following is NOT an example of the way democracy is exercised in the modern political system of the United States?

Question 15 15. Which of the following regarding accounting and economic profits of a single business is true?

Page 4

Question 16 16. What's the difference between macroeconomics and microeconomics?

Question 17 17. Which of the following BEST explains sustainable economic growth?

Question 18 18. What is economics?

Question 19 19. All of the following can cause the supply curve to shift, EXCEPT:

Question 20 20. Which of the following terms describes a tax that a country puts on imports of a certain type of product?

Page 5

Question 21 21. Which of the following is true about taxes and capitalism?

Question 22 22. Which of the following is the formula to calculate economic profit?

Question 23 23. Why is rewarding risk-taking an advantage to capitalism?

Question 24 24. What determines the price of a good or service in a capitalistic economy?

Question 25 25. If the supply curve shifts to the left, what most likely happened?

Page 6

Question 26 26. What two factors contribute to scarcity?

Question 27 27. If a good has a cost, then it is considered

Question 28 28. _____ is the study of business and consumers, while _____ is the study of the economy as a whole.

Question 29 29. Which of the following is NOT an explicit cost of a business?

Question 30 30. Which of the rules governing American politics tells us that the government's powers are limited by a written and defined legal framework, which is established as the highest law in the land?

Fundamentals of Economics & Capitalism Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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