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ILTS Economics (109) Practice Tests & Test Prep by Exam Edge - Review



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ILTS Social Science Economics - Reviews


   Excellent
Based on 110 reviews

Alistair


"Dear Exam Edge, I recently ordered a five pack of tests and successfully passed the ILTS Mathematics content area test with a score of 280/300. I found your tests a very effective way of testing my knowledge of the content material on the real test and seeing explanations of do problem. I scored between 265 and 285 on the practice tests and I felt confident taking the real test on the computer. I would highly recommend your practice tests to prospective teachers taking the ILTS Mathematics content test."

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"The practice test were EXACTLY what i needed! The test explanations for answers were the teaching points i needed to help understand certain subjects. Thank you for your help!"

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"These practice exams really put my mind at ease! I feel confident about taking my test when the current situation is over. EDIT: Yep. Nailed it."

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"These are great exams to help prepare you for the exams. I passed my ILTS Learning Behavior Specialist I (155) exam on the first attempt. The question structure readily prepares you for how the structure will be on the test, multiple choice questions that are relevant to what is needed to know for the exam. I passed on the first attempt and I couldn't be happier with the results. Thank you!!! :)"

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See why our users from 154 countries love us for their exam prep! Including 110 reviews for the ILTS Economics exam.

Exam Edge is an industry leader in online test prep. We work with institutional partners to offer a wide array of practice tests that will help you prepare for your big exam. No matter how niche your field of interest might be, we're here to help you prepare for test day.

   Excellent -- Based on 110 reviews

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ILTS Social Science Economics - Test Reviews Sample Questions

Which of the following terms is used for the ability of the price system to communicate changes in such basic data as consumer tastes and to elicit appropriate responses from both business and resource suppliers?

Correct Answer:
guiding function of prices
the term "guiding function of prices" refers to how the price system in a market economy communicates and responds to changes in fundamental economic data such as consumer preferences, resource availability, and technological advances. this function is crucial as it helps in coordinating the economic activities of millions of individuals and firms without the need for central direction.

when consumer tastes change, indicating a higher preference for certain goods over others, this is reflected in the prices of these goods. prices may rise as demand increases, signaling producers to possibly increase supply to meet this new demand. conversely, if consumer interest wanes, prices might drop, signaling producers to reduce supply or innovate to regain consumer interest. this dynamic adjustment is an essential aspect of how markets allocate resources efficiently.

for instance, if there is a sudden increase in demand for electric cars, the prices of these cars might increase due to heightened consumer interest. this price signal encourages car manufacturers to invest more in the production of electric cars. they might increase production capacity, improve technology, or reduce costs. additionally, resource suppliers, such as those providing essential components for electric cars, are also prompted by these price signals to adjust their outputs to meet the new levels of demand.

what makes the guiding function of prices particularly effective is that it operates continuously and automatically. it alleviates the need for a central planner or regulator to direct economic resources, thus allowing for a decentralized decision-making process that can adapt quickly to new information or changes in market conditions.

this guiding function of prices is a fundamental aspect of what adam smith referred to as the "invisible hand" of the market. while the "invisible hand" is often thought of as a broader concept that describes the self-regulating nature of the marketplace, the guiding function of prices is a specific mechanism through which this occurs. it ensures that resources are used where they are most valued and that the production of goods and services aligns with consumer preferences and needs, contributing to economic efficiency and growth.