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WorksheetsEconomics 2.0
Total questions: 20
Worksheet time: 11mins
Name
Class
Date
1.
Which one of the following is an unsolved Economic question?
a)
What truly caused the Great Depression?
b)
Is money relative?
c)
Is there a difference between Economics, and mathematical economics?
d)
Can a portfolio, be diversified?
2.
What is the most abundant form of corporate personality in the workforce?
a)
Bambi
b)
Alpha
c)
Toiler
d)
Soldier
3.
If you invest into a stock $20000, that has an average of a 5% profit rate every year. Then how much money will you have made over the course of 5 years? (round to nearest two decimal places)
a)
$5525.63
b)
$25525.63
c)
2469.42
d)
22469.42
4.
How much does one share of the Green Bay Packers stock cost, and stay at?
a)
=$250
b)
≈$250
c)
≈500
d)
=500
5.
What is the "principal" of something? (in relation to economics)
a)
The highest order of authority
b)
Some economic term, that has no definitive defenition
c)
The Prince of Pal
d)
The original sum of money that was originally lent, or is invested upon
6.
How many basic fundamental economic questions are there? (answers to these are needed in order for an economy to function properly)
a)
1
b)
2
c)
3
d)
4
7.
Which one of the following is the mathematical formula for simple interest?
a)
A=P(1+rt)
b)
A=P(1-rt)
c)
A=t(P+rn)
d)
A=1+r/n)^t*n
8.
Which equation is the equation for compound interest?
a)
A=P(1-r/n)^t*n
b)
A=P(1+r/n)^t*n
c)
A=1*rn^tn^P
d)
A=rte
9.
What is the equation for continuously compounding interest?
a)
A=Pe^rt
b)
A=(P/9)e^rt
c)
P=A(A+5)^e
d)
P=9e^rt
10.
Define "deductible" (in relation to insurance)
a)
A specified amount of money that the insured must pay, before the insurance company will pay for a claim
b)
An amount of money that is set aside, for deductible reasons
c)
Money that is put towards paying for the claim
d)
Money that is handed out during a crisis, or within an utter emergency state of time. This money is then payed off by insurer's and is deducted from your tax statement.
11.
What is the rate of unemployment in Wisconsin? (April, 2015)
a)
4.4%
b)
5.4%
c)
5.3%
d)
4.7%
12.
Name one unemployment benefit
a)
Government paid out insurance payment (benefit payment)
b)
Being able to be home and relax
c)
High fiscal aid
d)
Job help, with increased employment odds. Regardless of educational background
13.
Solve for A, A=20000e^.2*10 (two decimal places)
a)
≈244280.55
b)
≈240000.75
c)
=244280.55
d)
=240000.75
14.
What is a "Free Market" economy?
a)
An economic system in which prices are determined by unrestricted competition between privately owned businesses
b)
An economic system in which prices are determined by the government and is restricted by such
c)
A market to were everything is "free"
d)
An economy to were goods and services are produced and constructed. Then, they are freely distributed among eligible participants.
15.
What kind of an economy does Germany have?
a)
Social Market Economy
b)
Free Market
c)
Capitalist
d)
Traditional
16.
What kind of an economy does the U.S.A. have?
a)
Capitalist/Partially Government controlled Free Market
b)
Socialist
c)
Communist
d)
Foreign Affairs Chair-board system
17.
Which of the following is true if a country currently produces a combination of two goods inside its production possibilities curve?
a)
The country can increase the production of one good only by decreasing the production of the other good
b)
The country is producing the efficient combination using all its available resources
c)
The country can produce more of both goods with its existing resources
d)
The country cannot increase the production of either good
18.
Suppose that oranges and apples are close substitutes. If the price of apples decreases, the equilibrium price and quantity of oranges are expected to change in which of the following ways?
a)
Increase, Increase
b)
Increase, Decrease
c)
Decrease, Increase
d)
Decrease, Decrease
19.
When the price of a product increases, a consumer’s real income decreases, causing the consumer to decrease the quantity of the product demanded. This is known as...
a)
The Substitution Effect
b)
The income Effect
c)
Income Elacticity
d)
Diminishing Marginal Utility
20.
A profit-maximizing firm will shut down in the short run if
a)
Average variable cost is greater then average fixed cost
b)
Price is less then average variable cost
c)
Price is less then average total cost
d)
Marginal cost is equal to average total cost
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