Michigan Economics (2019) Practice

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E 1 - The Market Economy 40%
E 2 - The National Economy 20%
E 3 - International Economy 23%
E 4 - Personal Finance 17%
  • Questions 1,109
  • Vocabulary Terms 263
  • Performance Tasks 80
  • Instructional Videos 70

Test Standards

E 1 - The Market Economy
1. (1.1.1)  Scarcity, Choice, Opportunity Costs, Incentives
2. (1.1.2)  Entrepreneurship
3. (4.1.2)  Marginal Analysis
4. (1.2.1)  Institutions
5. (1.2.3)  Investment, Productivity and Growth
6. (1.2.2)  Market Structures
7. (1.3.1)  Supply and Demand
8. (1.3.2)  Price, Equilibrium, Elasticity, & Incentives
9. (1.4.1)  Public Policy & the Market
10. (1.4.2)  Government & Consumers
11. (1.4.3)  Government Revenue and Services
12. (1.4.4)  Functions of Government
13. (1.4.5)  Consequences of Governmental Policy
14. (1.4.6)  Price Controls
E 2 - The National Economy
1. (2.1.1)  Circular Flow and the National Economy
2. (2.1.2)  Economic Indicators
3. (2.2.1)  Federal Government and Macroeconomic Goals
4. (2.2.2)  Government Revenue and Services
5. (2.2.3)  Fiscal Policy and its Consequences
6. (2.2.4)  Federal Reserve and Monetary Policy
E 3 - International Economy
1. (3.1.1)  Developing Nations
2. (3.1.2)  International Organizations and the World Economy
3. (3.1.5)  Comparing Economic Systems
4. (3.1.4)  Impact of Transitional Economies
5. (3.2.1)  Absolute and Comparative Advantage
6. (3.2.2)  Domestic Activity and World Trade
7. (3.2.3)  Exchange Rates and World Trade
8. (3.2.5)  The Global Economy and the Marketplace
E 4 - Personal Finance
1. (4.1.1)  Earning Income
2. (4.1.2)  Buying Goods And Services
3. (4.1.3)  Saving
4. (4.1.4)  Using Credit
5. (4.1.5)  Financial Investing
6. (4.1.6)  Protecting and Insuring