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Economics Final Exam ReviewA

Total questions: 46

Worksheet time: 25mins

Name
Class
Date
1.
Any resources that are made by humans and used to create other goods and services are called
a)
services.
b)
Labor.
c)
production.
d)
captial
2.
The resources used to make all goods and services are the
a)
production possibilities.
b)
factors of production.
c)
production trade-offs.
d)
opportunity costs.
3.
All of the following are types of decisions that can be made at the margin EXCEPT
a)
how much tonage of materials should your freighter haul.
b)
How many employees to hire during lunch.
c)
How many pieces of pizza to eat..
d)
whether or not to go on a vacation.
4.
Production possibilities frontiers are represented by a curve because of what law?
a)
The law of demand.
b)
The law of supply.
c)
The law of increasing costs.
d)
The Law of Global Trade-Offs.
5.
An efficient economy is one that
a)
has very few people who do not work for a living.
b)
is experiencing underutilization.
c)
uses its resources to make the most goods and services.
d)
Has production inside the boundaries of it’s production possibilities frontier.
6.
Which of the following makes someone an entrepreneur?
a)
earning a salary as a computer programmer
b)
becoming a highly paid architect
c)
running a service that hires people to install sprinkler systems in lawns
d)
inventing and selling the rights to manufacture a computer game
7.
Why are all goods and services scarce?
a)
Some goods cost more than others.
b)
All resources are scarce
c)
Some things are needs and others are wants.
d)
Some people want to have more goods than others.
8.
All of the following are typical benefits of physical capital except..
a)
More pay because you can sell more items at lower costs.
b)
Extra time because the physical capital item gets things done quicker.
c)
More knowledge because learning how to use a physical capital gives general knowledge to other applications.
d)
More productivity because of the ability to multi-task.
9.
Where would a point of efficiency be when analyzing a production possibilities frontier?
a)
A point on the horizontal axis that is less than 15 units of wine.
b)
A point that is down and to the left of the production possibilities frontier.
c)
A point that is to the right of the production possibilities frontaier.
d)
Any point on the production possibilities frontier. 
10.
Which of the following is not a need? 
a)
Enough food to feed your population.
b)
Fuel efficient cars that average 50 miles per gallon.
c)
Sanitized water to drink.
d)
Clean air that will not cause permanent damage to living organisms. 
11.
Why does even a free market economy need some government intervention?
a)
To provide for things that the marketplace does not address; such as public police and highways.
b)
To ensure that the government has the freedom to tax as necessary
c)
To make sure that the government can fulfill its needs for military personnel
d)
So that the government has some control over factor resources.
12.
Which of the following is not a key economic question?
a)
What goods and services should be produced?
b)
How should goods and services be produced?
c)
Who consumes these goods and services?
d)
How should it be ensured that goods and services are paid for?
13.
Government agency that sets standards for children toys and safe products to purchase.
a)
Occupational Safety and Health Admn.
b)
Food and Drug Administration
c)
Environmental Protection Agency
d)
Consumer Product Safety Commission
14.
What effect does new technology usually have on an economy?
a)
It makes the economy stronger and more efficient.
b)
It reduces the dependence of the economy on business.
c)
It slows an economy down for at least a while.
d)
It reduces the available jobs.
15.
Which of the following is NOT a characteristic of a centrally planned economy?
a)
The central government owns all land and capital.
b)
The central government makes all economic decisions.
c)
People are free to start up their own businesses and make large sums of cash.
d)
Each person is assigned a job.
16.
What are inferior goods?
a)
goods that are made with the best resources
b)
goods that no one wants to buy
c)
goods for which the demand rises when income falls
d)
goods for which the demand rises when income rises
17.
If the price of beef rises and remains at the higher level, then over time the supply of beef
a)
Increases because of market entry from new beef producers.
b)
Shifts to the left.
c)
Decreases as the higher price causes many beef
 suppliers to leave the market.
d)
Remains unchanged.
18.
A new technology used to produce computers will shift the supply curve in which direction?
a)
To the right to decrease prices.
b)
To the left to increase prices.
c)
Downwards to decrease quantity produced
d)
Upwards to increase quantity produced.
19.
A market-clearing price or equilibrium, is important because
a)
It clears away scarcity
b)
It causes buyers to disappear from the market.
c)
It is the only price at which sellers offer any amount of a product.
d)
It balances supply and demand and results in no shortages or surpluses.
20.
Which of the following characteristic does not make a product’s demand inelastic?
a)
It is an important part of the budget.
b)
It has few substitutes
c)
It is a necessity.
d)
You don’t really care about the price.
21.
Which of the following does not directly shift a demand curve?
a)
Government subsidy
b)
Effects of complements
c)
Effects of substitutes
d)
Advertising campaigns
22.
Which of the following is an example of a good with an inelastic supply?
a)
beanbags
b)
Apples
c)
toothbrushes
d)
hats
23.
When a consumer is able and willing to buy a good or service, he or she creates which of the following?
a)
supply
b)
elasticity
c)
demand
d)
allocation
24.
Which of the following is an example of human capital?
a)
A bridge to connect two cities.
b)
A hammer used to build a house.
c)
A computer to do programming.
d)
Developing a skill to type on a keyboard.
25.
What is collective bargaining?
a)
union and company representatives meeting to negotiate a new labor contract
b)
Going to Disney and collecting autographs of all the characters.
c)
an agreement to allow everyone to be part of the labor negotiating process
d)
a situation in which the rights of labor have been set aside
26.
Which of the following best summarizes a Right to Work law?
a)
Employers have the right to hire and fire whomever they want to. 
b)
All individuals have a right to work if you are over 16 years of age.
c)
All minorities and females will have the same right to work as white males.
d)
Employees of union organizations having a say if they want to be in the union or not.
27.
Which of the following is not something a labor union will discuss with their employers during collective bargaining?
a)
Product pricing
b)
seniority
c)
wages
d)
working conditions
28.
Getting a Master’s Degree in order to earn a higher wage is an example of
a)
Learning effect
b)
Screening effect
c)
Positive externality
d)
Equilibrium wage
29.

What is the opportunity cost of moving from point D to point B?

a)

90 tons of steel

b)

50 tons of wheat

c)

15 tons of steel

d)

25 tonw of wheat

30.

Which of the following points represents underutilization?

a)

A

b)

E

c)

F

d)

D

31.

Which of the following points represents a point of growth?

a)

A

b)

E

c)

F

d)

D

32.

What is missing from this diagram if this would be a mixed economy rather than a free market system?

a)

A picutre of an entrepreneur.

b)

A picture of government

c)

A picture of scarce resources.

d)

A picture of a central bank.

33.

What transaction happens in the markets for factors of production?

a)

You give a firm money for a good.

b)

A firm supplies a good for sale.

c)

You go to work for a firm.

d)

The government gives a subsidy to a firm to help produce a good.

34.

What happens at point B?

a)

About 2000 pounds are supplied at $8.

b)

At $8, over 6000 pounds are supplied.

c)

Around $4, about 3500 pounds are supplied.

35.

This question represents which economy principle?

a)

The Law of Supply

b)

The Law of Demand

c)

Production Possiblities

d)

The Marginal Product of Labor

36.

Which student has phone caddy number 2

a)

Halieyyyyyy

b)

Aubrey

c)

Daniel

d)

Cole

37.

Which student is the oldest?

a)

Ben

b)

Arianna

c)

Aiden

d)

Caleb

38.

Which is true about Recore?

a)

He is the self appointed sheriff and likes busting students for infractions.

b)

His favorite show is the Smurfs

c)

He hardly swears.

d)

His favorite pizza is pineapple and ham.

39.

Which student is not wearing shoes with sandals?

a)

Caleb

b)

Paige

c)

Ava

d)

Cole

40.

Which student boxes and likes to fish with his dad?

a)

Davian

b)

Cameron Pepper

c)

Keagan

d)

Noah

41.

Which student is the first one in class virtually everday?

a)

Parker

b)

Zaid

c)

Haileyyyyyy

d)

Arianna

42.

Which student wears the most band tee shirts?

a)

Cassidy

b)

Zaid

c)

Daniel

d)

Aiden

43.

Which student is the tallest?

a)

Cole

b)

Daniel

c)

Elijah

d)

Ethan

44.

This student is in the longest current relationship with another student.

a)

Zaid

b)

Sophia

c)

Hasten

45.

Which has had Mr. Robinson for a different course?

a)

Hasten

b)

Arianna

c)

Cassisdy

d)

Cole

46.

This student has the most siblings in this course

a)

Sophia

b)

Aubrey

c)

Ava

d)

Haileyyyyyy

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