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FBLA Economics Test 4
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FBLA Economics Test 4
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25 Questions

1. _is a form of economics that focuses on the performance of the economy as a whole, especially the national economy.
2. Suppose a steel plant pollutes in a river and causes real estate values to decrease. Which one of the following is a judicial solution?
3. If the government imposes a price ceiling on milk that is substantially below the market price we would expect:
4. A monopoly price is:
5. The demand for a resource is tied to the:
6. Which one of the following would both be expansionary fiscal policy?
7. __is a cost that you have already incurred and cannot recover.
8. When price rises on a price-inelastic good, what happens?
9. An economist who favors smaller government would recommend:
10. The biggest portion of local government spending is:
11. Which one of the following best describes monopoly?
12. A economy produces the highest standard of living for its citizens.
13. A rightward shift of the demand curve for some product Q might be caused by:
14. The demand for roofers would if the price of shingles dropped by 50 percent.
15. Which one of the following would be most appropriate during a recession?
16. A not-for-profit corporation:
17. Which one of the following would typically be associated with higher interest rates?
18. What is the correct fiscal policy when a recession is caused by decrease in aggregate demand?
19. In the short run, purely competitive firms will maximize profits where:
20. The function of monetary policy is to:
21. A proportional tax also is called a:
22. Of the 25 million businesses in the United States, most:
23. What does an import quota in the United States tend to do?
24. Money growth and inflation generally have:
25. The median voter theorem suggests:

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