Causes of Poverty and how we address them

Economic Final Study Guide

Multiple Choice Response (10 questions):

1) Explain why inflation is bad for the economy

2) Explain what taxes are and why we need them. Mention one tax that we use and where it can

be found.

3) What is a Monopoly and Oligopoly? What are their features

4) What is an Unemployment and identify different types of unemployment (two questions)

5 ) Four Conditions of Monopolistic Condition

6 ) Causes of Poverty and how we address them

7) What are the differences between perfect and imperfect competition? Name one feature of an

imperfect competition market structure.

8) Explain how Opium impacted both Britain and China’s society and economy in the 1800s



Short Answer Response (Two paragraphs for each question):

1) How can Factors of Production such as fruits, drugs and Land/houses impact society, race and politics? Be sure to include what happen in Guatemala, Britain/China or in the U.S from our past


2) What is the connection between Credit, mortgage and the 2008 Recession? Be sure to you explain what Credit and Mortgages are and what led to the 2008 Recession.

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