Practice Quiz

CLEP Economics Exam Prep - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
26. Which of the following is an example of capital for a firm that produces wind‑powered electricity?
  1. The wind that sets the windmill in motion
  2. The businessperson who established the firm
  3. The windmill that produces the electrical power
  4. The workers who build and repair windmills
See answer
27. Barter requires that each of two parties want the good or service that the other party is offering. Which of the following reduces the need for barter?
  1. Money
  2. Insurance
  3. Employment
  4. Manufacturing
See answer
28. If there were a decrease in the worldwide production of oil, which of the following would most likely occur?
  1. Global consumption of oil would increase.
  2. Economic growth in oil-importing countries would decrease.
  3. International spending on research into alternative energy sources would decrease.
  4. Global exploration for new oil reserves would decrease.
See answer
29. What is most likely to happen when consumers increase their purchases of goods and services?
  1. Businesses will increase production, and workers will receive more income.
  2. Businesses will increase production, and workers will receive less income.
  3. Businesses will decrease production, and workers will receive more income.
  4. Businesses will decrease production, and workers will receive less income.
See answer
30. Which of the following best describes why the price of wheat might rise following a poor wheat harvest?
  1. The demand for wheat has decreased.
  2. The demand for wheat has increased.
  3. The supply of wheat has decreased.
  4. The supply of wheat has increased.
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode