
Economics Final Exam Review
Authored by Alyssa Smith
History
11th Grade
Used 18+ times

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40 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If Bill makes $200,000 per year and Jan makes $75,000 per year, how does sales tax effect each of them?
Sales tax is progressive, since Bill makes more money, he pays a bigger % of his income than Jan
Sales tax is proportional, so both Bill and Jan are impacted equally.
Sales tax is regressive, so since Jan makes less money, she pays a larger % of her income than Bill
Sales tax does not effect anyone's income
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which type of insurance would you need if you were injured and were taken to the hospital?
automobile
life
disability
health
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Why is it less risky to buy mutual funds than to buy individual stock?
Buying small pieces of companies at a time means you diversify your risk
Inflation will not effect mutual funds
Mutual funds are insured by the FDIC
Individual companies always go bankrupt
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the difference between credit card purchases vs bank loans?
Credit cards do not have a limit and banks loans do
bank loans are much easier to get than credit cards
credit card interest rates are usually higher than interest rates on bank loans
you have to pay back bank loans sooner than credit card payments
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the purpose of NAFTA?
establish trade between the US and Europe
to reduce trade barriers/increase free trade between USA, Mexico, & Canada
to increase trade tariffs among members
to counter the European Union
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A tariff placed on imported goods is a
subsidy to help domestic prodcuers
barrier to trade
way to offer free trade
a balance of a trade deficit
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If someone is in favor of protectionism trade policies (barriers) they would
support the need to preserve domestic industries
support a reduction in trade barriers like tariffs
call for no restrictions on imports
think that protectionist trade barriers harms consumers
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