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US Economics: Principles & Governance 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!

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Question 1 1. The Law of Supply states that as prices increase _____.

Question 2 2. A change in market price will _____ the supply curve.

Question 3 3. Assume the supply curve below is for red wine. If the market price were $30/bottle, how many bottles of red wine would be supplied?

Question 4 4. Which of the following is a barrier for e-commerce?

Question 5 5. Businesses use targeted marketing for all of the following reasons EXCEPT?

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Question 6 6. Which of the following is NOT a benefit of globalization?

Question 7 7. The law of demand says what?

Question 8 8. How do economists define 'demand'?

Question 9 9. When the price of strawberries goes down, how many strawberries will people probably buy?

Question 10 10. Which of the following is NOT a capital resource?

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Question 11 11. Which of the following is NOT a financial resource?

Question 12 12. Which resource involves the use of research and study to solve problems and improve processes?

Question 13 13. Which of the following best describes the politics of government intervention in the economy of the United States?

Question 14 14. In which of the following ways does the government become involved in the economy?

Question 15 15. Price gouging is a practice that is restricted by the government because of which of the following reasons?

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Question 16 16. Some concerns over the economic forces of globalization include?

Question 17 17. What is the most famous example of globalization prior to WWII?

Question 18 18. What event launched the current wave of globalization and what other event recently accelerated it?

Question 19 19. Scarcity means:

Question 20 20. Because resources are scarce, but wants are not:

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Question 21 21. Economics looks at

Question 22 22. Why was money created?

Question 23 23. Assume that there are two parties to an exchange and that they value the goods they would receive as much as the goods they would give away. What do economists call this?

Question 24 24. Which of the following insures that the US dollar maintains its value?

Question 25 25. An increase in market price from $15 to $30 would _____.

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Question 26 26. Which technology has had the biggest impact on the economy?

Question 27 27. Things that affect demand for a product are...

Question 28 28. Which of the following is the best explanation of economic resources?

Question 29 29. Which of the following is an example of the government protecting property rights?

Question 30 30. The rate of increasing globalization and technologies creates problems for _____ attempting to catch up to the current abilities for abuse.

US Economics: Principles & Governance 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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