EOCT Review Charts

1. EOCT Review Charts Directions- Without exiting the presentation and only by clicking on the answers, work your way to the final slide.Make sure the hand is showing before you click. Click here to start.

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3. 1)Which country MOST likely relies on primary economic activities? B) Syria A) Israel C) Turkey D) Yemen

4. I. the European UnionII. ASEANIII. OPECIV. NAFTA 2)Proponents of free trade would MOST LIKELY support which of these organizations? A) I and IV only B) II and IV only C) I, II, and IV only D) II, III, and IV only

5. 3) Washboard mussels are found along Wisconsin's portion of the Mississippi River. According to the diagram, equililbrium price occurred in which year? A) 1988 B) 1989 D) 1995 C) 1990

6. 4) The graph shows the demand for Twinkie-Doodles in the months of June and December. The demand curve has moved to the right on the graph. This shows that.. A) the price for Twinkie-Doodles went down B) buyers and sellers cannot agree on a price C) the supply of Twinkie-Doodles has decreased. D) the demand for Twinkie-Doodles has increased.

7. 5) Assuming that the graph follows the normal laws of economics, the line represents B) supply. A) demand. C) equilibrium price. D) production possibilities

8. 6) Money that individuals receive from businesses return to businesses in B) the product markets A) the factor markets. C) the purchase of land D) the payment for resources

9. Due to technological advances, individuals are able to buy and download music from the Internet as opposed to simply buying music from a store. 7) Which statement describes an economic impact of this technological advance? A) Consumer demand for compact discs has increased B) Consumer demand for compact discs has decreased C) The efficiency of downloading music has decreased. D) The number of stand alone music stores has increased

10. 8) The peak in 1945 would correlate to what international issue? B) World War I A) Korean War C) Vietnam War D) World War II

11. 9) A period during which real GDP declines for two quarters in a row, or six consecutive months, is MOST LIKELY a B) recovery. A) recession. C) peak D) trough.

12. 10) What happens to the production of Product A as a result of comparative advantage? B) The output of Product A increases to 60,000 total units. A) The output of Product A decreases to 0 total units. D) The output of Product A increases to 800,000 total units. C) The output of Product A decreases to 30,000 total units

13. 11) According to the information, one U.K. pound is worth approximately B) two U.S. dollars. A) one U.S. dollar. D) one-half of one U.S. dollar. C) four U.S. dollars.

14. 12) Which statement is the MOST ACCURATE description of teenage labor force participation? A) More than half of all 16-19 year olds were in the workforce in 1961 B) Teenage labor force participation has steadily declined since the recession of 1954. C) The lowest recorded teenage labor force participation rates have occurred since 2001 D) Since the recession of 1991, the participation of 16-19 year olds has steadily increased

15. 13) Which statement accurately describes the contents of this graph? B) At the equilibrium price, quantity supplied exceeds quantity demanded A) At the equilibrium price, quantity supplied equals quantity demanded. C) When the price goes above the equilibrium price, quantity demanded increases. D) When the price goes below the equilibrium price, quantity supplied increases

16. 14) The graph is a production possibilities chart. Which of the following might cause the line to move to the right? B) an increase in prices A) higher labor costs C) shortage of required resources D) improved technology in whoopee cushion production

17. 15) Which of the following presidents was NOT able to reduce the national debt as a percentage of the gross domestic product? B) Bill Clinton A) John Kennedy C) Richard Nixon D) Ronald Reagan

18. This regulation lays down the principle that exports from the European Community to third countries are free...they are not subject to any quantitative restrictions."-European Community Council Regulation No. 2603/69 20 December 1969 16) Based on this passage, the European Union has established B) free trade for exports A) free trade for imports C) trade barriers for imports D) trade barriers for exports

19. 17) The workers in this photo MOST LIKELY represent B) dependency ratio A) capital goods C)specialization of labor. D) economic interdependence

20. 1. It is one of the most successful market economies in the world today. 2. Its economy is the second largest in the world, with $4.5 trillion in GDP. 3. Because of its physical geography there is little land available for farming, so it is highly industrialized and imports most food products. 18) Which nation is described by these statements? B) Japan A)India C) Vietnam D)North Korea

21. When William got a summer job delivering newspapers, he decided to budget his income. This week, William made $50 at work. 19) According to William’s budget, how much money from this week’s pay should he put into his new computer fund? B) $10 A) $5 C) $15 D) $20

22. 20) How do individuals contribute to the circular flow of economic activity? A) Businesses buy goods and services from individuals B) Businesses purchase productive resources in product markets. D) Individuals buy productive resources from factor markets and provide labor for product markets C) Individuals provide labor for factor markets and buy goods in product markets.

23. 21) You have decided to buy a car and would like a newer model year. You also want very low miles. Based on the research in the table, how much will you have to save for the car? B) $12,000 A) $10,500 C) $14,999 D) $15,999

24. 22) Which example of productive resources is matched correctly? B) labor and rice field A) capital and oil rig C) capital and wheat field D) labor and risk-taker creating new product

25. 23) Jan is risk-averse, but wants to earn the best rate of return in less than two years. Which investment would MOST LIKELY meet Jan's need? B)Bond-Based Mutual Funds A)Savings Accounts C)Certificates of Deposit D)Stock-Based Mutual Funds

26. 24) All of the following would cause a shift to the left of the aggregate demand curve EXCEPT for B) increased money supply A)an increase in taxes. D)declining consumer spending C)reduction in exports.

27. 25) In the graph, what happened to the equilibrium price when the supply curve moved from S1 to S2?. B) The equilibrium price went up A) It did not change C) The equilibrium price went down D) It indicated a decrease in demand

28. 26) Country X can produce 1,000 units of food and 2,000 units of clothes. Country Y can produce 1,000 units of food and 1,000 units of clothes. In order to maximize trade according to the principles of comparative advantage, B)country Y should produce food and import clothes from country X A)country X should produce food and import clothes from country Y D)country Y should produce both food and clothes, and import additional clothes from country X C) country X and Y should produce both food and clothes to meet their own needs

29. 27) The economy of Argentina is dependent upon the exportation of vegetation grown in the Pampas, one of the largest fertile plains in the world. Based on the information on this map, which statement about economic activity is correct?. B) Argentina has limited access to natural resource. A) Argentina has limited access to human resources. D) Argentina has access to both human and capital resources. C) Argentina has access to both natural and human resources

30. 28) In relation to the Indian Rupee, the Canadian dollar. A) is worth slightly more B) is worth slightly less C) is worth significantly more. D) is worth significantly less.

31. 29) Based on the U.S. Census information in the graph, A) educational attainment has an inverse relationship to annual earnings. B) annual earnings are not impacted by educational attainment. C) all workers with higher educational attainment have higher annual earnings.. D) annual earnings have a generally positive correlation with educational attainment

32. 30) At which price does quantity demanded equal quantity supplied? B) $.64 per pound A) $.75 per pound D) 600 thousand pounds C) 500 thousand pounds

33. 31) This map is depicting which international economic organization? B)OPEC A)EU D)OAS C)NAFTA

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