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Each essay is worth 10 points each. The exam is based on the Texas Essential Knowledge and Skills (TEKS) for this subject. The full list of TEKS is included in this document (it is also available online at the Texas Education Agency website, [http://www.tea.state.tx.us/](http://www.tea.state.tx.us/)). The TEKS outline specific topics covered in the exam, as well as more general areas of knowledge and levels of critical thinking. Use the TEKS to focus your study in preparation for the exam.  \nThe examination will take place under supervision, and the recommended time limit is three hours. You may not use any notes or books. A percentage score from the examination will be reported to the official at your school.  \nIn preparation for the examination, review the TEKS for this subject. All TEKS are assessed. A list of review topics is included in this document to focus your studies. It is important to prepare adequately. Since questions are not taken from any one source, you can prepare by reviewing any of the state-adopted textbooks that are used at your school. The textbook used with our ECO-FE course is Economics Today and Tomorrow, published by Glencoe Publishing Company.  \nThe practice exam included in this document will give you a model of the types of questions that will be asked on your examination. It is not a duplicate of the actual examination. It is provided to illustrate the format of the exam, not to serve as a complete review sheet.  \nGood luck on your examination!  \nECO-FE Practice Exam  \nPart A: Multiple Choice  \nRead each question or incomplete sentence. On the answer sheet provided, write the letter of the word or phrase that best completes the sentence.  \n1. When the price of a good decreases it will cause  \nA. demand to increase.  \nB. quantity demanded to increase.  \nC. supply to decrease.  \nD. quantity supplied to increase.  \n2. When the price of a product is above its equilibrium, the result is  \nA. a decrease in demand.  \nB. a surplus.  \nC. a shortage.  \nD. the creation of a black market.  \n3. If Japan can produce 3 tons of rice or 2 tons of wheat while the United States can produce either one ton of rice or one ton of wheat it can be said that  \nA. Japan has a comparative advantage in producing rice while the United States has a comparative advantage in producing wheat.  \nB. Japan has a comparative advantage in producing wheat while the United States has a comparative advantage in producing rice.  \nC. Both Japan and the United States have comparative advantages in producing rice.  \nD. Japan has the absolute advantage in the production of both crops and therefore would not benefit by trading with the United States.  \n4. Scarcity means that societies and individuals must  \nA. make choices.  \nB. make more money.  \nC. eliminate scarcity through advanced technologies.  \nD. limit the size of families in the near future.  \n5. A leftward shift in a supply curve means that supply has  \nA. decreased.  \nB. increased.  \nC. remained stable.  \nD. neither decreased nor increased.  \ncontinued →  \nUse the graph to answer the following question.  \n6. If 19 cars and 1 airplane are currently being produced what is the opportunity cost of producing the 2nd airplane?  \nA. 1 airplane  \nB. 14 cars  \nC. 2 cars  \nD. 3 airplanes  \n7. Which of the following would be true if the U.S. Dollar depreciates against the Euro?  \nA. It will make European goods cheaper for Americans.  \nB. It will make European goods more expensive for Americans.  \nC. It will make American goods more expensive for Europeans.  \nD. It will have no effect on the pric","cbCaiuxWem8rhfSr","https://ap.wps.com/l/cbCaiuxWem8rhfSr","pdf",190383,11,"English","# About the Exam\n## What to Bring\n## Exam Structure and Rules\n## Study Preparation and TEKS\n# ECO-FE Practice Exam\n## Part A: Multiple Choice","[{\"question\":\"What is the ECO-FE exam format and scoring breakdown?\",\"answer\":\"The exam includes 60 multiple-choice questions worth one point each and four essay questions worth 10 points each. Preparation is guided by the TEKS topics included in the document.\"},{\"question\":\"What are the recommended conditions for taking the exam?\",\"answer\":\"The exam is taken under supervision with a recommended time limit of three hours. Notes or books are not allowed during the exam.\"},{\"question\":\"How should students prepare for ECO-FE using TEKS?\",\"answer\":\"Review the TEKS for the subject and focus on all listed assessment topics. Since questions are not limited to a single source, study can also rely on the state-adopted textbooks used at the student’s school.\"}]","ECO-FE Economics: Fundamentals of the Free Enterprise System - Practice Exam | PDF",1790760326,28]