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PLATO / EDMENTUM END OF
SEMESTER TEST : ECONOMICS
QUESTIONS & 100% Correct AnswerS
Question : The Northville School Board Has Proposed
This Budget For The Upcoming School Year:
Correct Answer: Upgrading The Computer Lab
Hardware, Getting New Instruments
Question : A Company Is Struggling To Finish The
Required Accounting Work For Its Financial Year-End.The Employees Are Unwilling To Stay Late To Complete The Work. If The Company Does Not Complete Its Work, It Will Be In Serious Trouble. So, The Managers Decide To Pay The Staff A Bonus For Every Hour They Stay During This Period. After The Employees Worked Extra Hours For A Few Days, The Work Was Completed And Everyone Was Happy. What Was The Incentive For The Employees In This Scenario?
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Correct Answer: Money
Question : Which Two Sentences Describe Incentives?
Correct Answer: The Person To Complete The Work
First Will Be Rewarded. Harry's Boss Also Announces That People Working Overtime Will Be Eligible For A Bonus.
Question : John Works For A Factory And Receives A
Weekly Paycheck. He Typically Places 3% Of Each Paycheck Into A Bank Savings Account. The Money Placed In The Savings Account ______ The Economy. In Addition To Providing Savings Accounts To Customers, Like John, The Bank Invests Money In Several Businesses. The Money That The Bank Invests ____ The Economy.
Correct Answer: Leaks Out From, Is Injected Back Into
Question : The Government Of A Country Has
Introduced A Few Economic Policies For The Current
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Financial Year. Which Of These Policies Is John Maynard Keynes Most Likely To Disagree With?
Correct Answer: Food Exporters Can Export As Much
Wheat As They Want, While In The Past They Were Limited To 50 Tons. Entrepreneurs Are No Longer Restricted From Importing Raw Materials.
Question : What Is Money Supply?
Correct Answer: The Total Amount Of Money
Circulating In The Economy.
Question : Match The Scenarios With The Economic
Concepts They Illustrate.
Correct Answer: Price Of Gold = Substitution Price Of
Gas = Income A New Factory In A Village Provides Livelihoods = Positive A New Factory In A Village Causes Noise Pollution = Negative
Question : What Economic Concept Is Applied In This
Statement? By Earning Higher Levels Of Education, Students Learn Skills And Are More Likely To Be
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Employed. In Their Jobs, They Use Their Skills To Provide Goods And Services To Others.
Correct Answer: Positive Externality
Question : Which Statement Is True?
Correct Answer: A Point On The Ppc Indicates
Maximum Utilization Of Available Resources.
Question : If The Firm Is At Point D And Decides To
Increase The Production Of Bike Tires By 300 Units, The Opportunity Cost Will Be ____Truck Tires. If The Firm Is At Point B And Decides To Increase The Production Of Truck Tires By 400 Units, The Opportunity Cost Will Be ____ Bike Tires.
Correct Answer: 200, 500
Question : Molly Is A 60-Year-Old Entrepreneur
Planning To Start A Business Selling Jams And Preserves. Molly Is Not Very Ambitious. She Wants To Keep Her Business Small, Hassle Free, And Easy To