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FBLA Economics Objective Test Questions And Answers With Verified Solutions 100% Correct!!!
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FBLA Economics Objective Test Questions And Answers With Verified Solutions 100% Correct!!!
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FBLA Economics Objective TestQuestions And Answers With Verified
Solutions 100% Correct!!!
As supply decreases and demand decreases, what effect does this have on
equilibrium price and quantity? - ANSWER✔✔Price indeterminant, quantity
decreases
Which of the following would all decrease supply? - ANSWER✔✔Higher
business taxes, higher resource costs, fewer suppliers
Suppose a price floor is placed on wheat, what is the likely effect? -
ANSWER✔✔A surplus
Suppose a binding price ceiling is placed on gasoline, what is the likely effect? -
ANSWER✔✔A shortage
A supply increase will - ANSWER✔✔a decrease in equilibrium price
An equal increase in demand and supply will always result in an increase in the
market price. - ANSWER✔✔False
Comparative advantage argues that if two countries specialize and engage in free
trade - ANSWER✔✔they will both gain
The appreciation of the yen versus the dollar means a vacation for Japanese tourists
coming to the United States is - ANSWER✔✔cheaper
, The appreciation of the yen versus the dollar means the value of the dollar has -
ANSWER✔✔depreciated
Monetary policy to fight demand-pull inflation would - ANSWER✔✔increase
reserve requirement, raise discount rate, and buy government securities
Government borrowing that leads to less private borrowing and investing is called
- ANSWER✔✔crowding out effect
A fiscal policy to fight demand-pull infaltion would - ANSWER✔✔raise taxes
A recession caused by too little aggregiate demand would require which of the
following policies? - ANSWER✔✔expansionary fiscal policy
Suppose $200 cash is deposited in a bank and the reserve requirement ratio is 10%.
How much can demand deposits expand? - ANSWER✔✔$1,800
Suppose $200 cash is deposited in a bank and the reserve requirement ratio is 10%.
What is considered the excess reserves? - ANSWER✔✔$180
Suppose $200 cash is deposited in a bank and the reserve requirement ratio is 10%.
What is considered required reserves? - ANSWER✔✔$20
In competitive markets, the long-run economic profit is - ANSWER✔✔zero
If maintenance costs rise for industry, what effect will this have on expected
return? - ANSWER✔✔Expected return decreases
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