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PLATO/ EDMENTUM END OF SEMESTER TEST; ECONOMICS
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PLATO/ EDMENTUM END OF SEMESTER TEST;ECONOMICS
The Northville School Board has recommended the following budget for the
2018-2019 school year: - ANSWER: updating the computer lab gear and
purchasing new instruments.
A corporation is trying to complete the essential accounting work before the end of
the fiscal year. Employees are unwilling to stay late to complete their work. If the
corporation does not fulfill its work, it will face harsh consequences. So the bosses
decide to give the employees a bonus for every hour they work during this time.
After a few days of working extra hours, the work was finished, and everyone was
satisfied. What was the employees' incentive in this scenario? - ANSWER money.
Which of the following two sentences describes incentives? - ANSWER The one
who completes the work first will be awarded. Harry's employer also reveals that
employees who work overtime will be eligible for a bonus.
John works in a factory and receives a weekly paycheck. He usually puts 3% of
each income into a bank savings account. Money saved in a savings account _____
the economy.
In addition to offering savings accounts to consumers like John, the bank invests in
some businesses. The money the bank invests in the economy. - ANSWER seeps
out and is injected back into
The government of a country has implemented a number of economic measures for
the current fiscal year. Which of these policies would John Maynard Keynes most
likely oppose? - ANSWER Food exporters can now export an unlimited amount of
wheat, as opposed to the previous limit of 50 tons.
Entrepreneurs are no longer prevented from importing raw materials.
, What is the money supply? - Provide the total quantity of money circulating in the
economy.
Match the scenarios to the economic themes they represent. - ANSWER: Price of
gold = substitution.
The price of gasoline equals income
A new plant in a village creates jobs = positive.
A new factory in a village produces noise pollution, which is detrimental.
What economic concept is used in this statement?
Students develop skills and are more likely to find work as they advance in their
education. They use their abilities at work to provide goods and services to others. -
ANSWER: Positive Externality
Which statement is correct? - ANSWER A point on the PPC signifies that all
available resources are being used to their full potential.
If the firm is at point D and intends to increase bike tire manufacturing by 300
units, the opportunity cost is ____truck tires.
If the company is at point B and intends to boost truck tire manufacturing by 400
units, the opportunity cost is ____ bicycle tires. - ANSWER: 200, 500
Molly, a 60-year-old businesswoman, plans to launch a jam and preserves business.
Molly is not particularly ambitious. She prefers to keep her business small,
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