NEW
Font size
S
M
L
XL
WorksheetsCyfalls Eco semester review 1516
Total questions: 74
Worksheet time: 37mins
Name
Class
Date
1.
A premium is the monthly cost for insurance.
a)
t
b)
f
2.
You buy now pay now when you use a credit card
a)
t
b)
f
3.
If you cosign a credit card or loan, you must pay the debt if not paid by the borrower.
a)
t
b)
f
4.
Sales tax applies to sale of items like kleenex, food, housing
a)
t
b)
f
5.
Americans over 65 can use Medicare for health coverage.
a)
t
b)
f
6.
Credit = financial trust
a)
t
b)
f
7.
McDonalds is an example of a multinational corporation
a)
t
b)
f
8.
Whataburger advertizing that their food is healthier for you than other brands is product differentiation.
a)
t
b)
f
9.
A farmer's market is perfect competition because prices are set and agreed on by all the farmers together.
a)
t
b)
f
10.
Cereal, Cell phones and Gaming system companies are monopolies
a)
t
b)
f
11.
Non price competition = location, advtertising, tastes
a)
t
b)
f
12.
Unions do not participate in collective bargaining.
a)
t
b)
f
13.
Workers go through contract negotiations for job security, benefits and wages.
a)
t
b)
f
14.
Union reps go to collective bargaining to try to buy stock for their union members.
a)
t
b)
f
15.
Vertical mergers look like this: cotton farm > Design company > manufacturing company > distribution company
a)
t
b)
f
16.
Deregulation and anti trust laws promote government control
a)
t
b)
f
17.
The Red Cross is an example of a corporation.
a)
t
b)
f
18.
A trade deficit means that your exports = imports
a)
t
b)
f
19.
All countries need to answer these Economic questions: What to produce/How to produce/For whom to produce/Who will produce
a)
t
b)
f
20.
Countries the consume lots of energy are considered poor/less developed.
a)
t
b)
f
21.
Population size can help determine Standard of Living if countries have comparable GDPs.
a)
t
b)
f
22.
People in More Developed Countries tend to be less educated than those in Less Developed countries.
a)
t
b)
f
23.
Protectionists would not want to trade with other countries.
a)
t
b)
f
24.
Lowering import tariffs/taxes within Free Trade Zones is a Protectionist policy.
a)
t
b)
f
25.
The ability of a person or country to produce a good/service with lower opportunity costs is called absolute advantage
a)
t
b)
f
26.
A host country is one where factories of a multi-national corporation are located due to lower FOP (CELL) costs.
a)
t
b)
f
27.
Being a host country for a MNC gives the country better job opportunities and/or wages.
a)
t
b)
f
28.
Trade organizations like NAFTA or the EU benefit consumers and businesses that import products between countries.
a)
t
b)
f
29.
A country that is able to produce more of a product such as oil or sapphires due to having more of that resource has an absolute advantage.
a)
t
b)
f
30.
A surplus happens when you or a government spends less than they take in in pay/taxes.
a)
t
b)
f
31.
The lowest point on the business cycle is called a contraction.
a)
t
b)
f
32.
The federal government can tax imports
a)
t
b)
f
33.
When interest rates increase, spending by people and businesses also increases.
a)
t
b)
f
34.
The FED helps control inflation by increasing Discount Rates.
a)
t
b)
f
35.
Monetary policy is determined by the government.
a)
t
b)
f
36.
Our government uses Fiscal policy to help increase economic output.
a)
t
b)
f
37.
More Developed Countries like the UK have high standards of living.
a)
t
b)
f
38.
Recessions occur when GDP growth goes down, unemployment and inflation go up.
a)
t
b)
f
39.
Money/US currency is a medium of exchange for goods and services because people recognize it as such.
a)
t
b)
f
40.
A proportional tax is a tax percentage based on income level.
a)
t
b)
f
41.
Monetary Policy includes the FED encouraging people to buy government bonds.
a)
t
b)
f
42.
Fiscal policy includes increasing or decreasing taxes.
a)
t
b)
f
43.
Congress usually has a difficult time adopting contractionary fiscal policies because it is hard to redo expansionary policies of the past.
a)
t
b)
f
44.
The Business Cycle is graphic showing how the economy grows.
a)
t
b)
f
45.
4-6 % inflation rate is deemed acceptable by government standards.
a)
t
b)
f
46.
A Depression happens when a Recession has been in place for at least 18 months, creating high inflation and unemployment.
a)
t
b)
f
47.
A business cycle peak shows the highest point of an expansion.
a)
t
b)
f
48.
Inflation results in increases in income.
a)
t
b)
f
49.
The unemployment rate, consumer price index, inflation and GDP growth help determine what part of the Business Cycle a country is in.
a)
t
b)
f
50.
Cars made in a US state by a Japanese car company are considered part of the US GDP.
a)
t
b)
f
51.
Equilibrium happens when buyers buy as much as sellers are producing.
a)
t
b)
f
52.
An increase in the number of sellers shifts the Supply curve to the left.
a)
t
b)
f
53.
A change in QD is shown on the Demand graph with one line and is determined by price.
a)
t
b)
f
54.
Non Price determinants of Demand = TIMER (know what this stands for.)
a)
t
b)
f
55.
Demand for a service from a particular business (like manicures at a nail salon) can decrease when the competition increases between businesses.
a)
t
b)
f
56.
If the price of a complementary good/service goes up, demand will increase.
a)
t
b)
f
57.
In the Free Enterprise Eco system, government decides who will sell, what they will sell, and how much they will sell.
a)
t
b)
f
58.
Creating a good or service to sell creates supply.
a)
t
b)
f
59.
The theory of demand states that consumers must be willing and able to buy goods and services for the theory to work.
a)
t
b)
f
60.
Non price determinants of Supply = STONER (Be sure you know what each means)
a)
t
b)
f
61.
On a PPF curve/graph underutilization of economic factors of production (a slow economy) is shown outside the curve.
a)
t
b)
f
62.
For a country to move past the curve on a PPF graph, they must increase production, acquire more resources, increase amount of workers and technology use.
a)
t
b)
f
63.
On a PPF graph, a country is shown below the curve/line when it is producing a its best capacity.
a)
t
b)
f
64.
Opportunity costs = making choices (Make the wise choice my children!)
a)
t
b)
f
65.
Economic growth = predictable economy
a)
t
b)
f
66.
Economics is the study of the choices people make to best use scarce resources.
a)
t
b)
f
67.
Scarcity = permance
a)
t
b)
f
68.
Marx would say that the government has no business in the economy.
a)
t
b)
f
69.
Scarcity is temporary, shortages exist forever.
a)
t
b)
f
70.
A hairstylist = labor on CELL
a)
t
b)
f
71.
Skills and knowledge learned by workers = human capital.
a)
t
b)
f
72.
An inventor of a product is an Entrepreneur.
a)
t
b)
f
73.
Economic systems produce and distribute goods and services.
a)
t
b)
f
74.
Supply lines go from bottom to top of a S/D graph.
a)
t
b)
f
Reset
