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WorksheetsEcon review
Total questions: 15
Worksheet time: 13mins
Name
Class
Date
1.
What is it when a few businesses dominate the market?
a)
Monopolistic Competition
b)
Monopoly
c)
Perfect Competition
d)
Oligopoly
2.
Which type of business structure is the most common type of business in the U.S.A.?
a)
Corporation
b)
Sole Proprietorship
c)
Partnership
d)
LLC
3.
Which of the following is a monetary policy action used to combat a recession?
a)
cutting taxes
b)
increasing the money supply
c)
decreasing the money supply
d)
raising taxes
4.
In a typical business cycle, what stage immediately follows a peak?
a)
contraction
b)
expansion
c)
trough
d)
growth
5.
During a recession, which of the following is likely to occur?
a)
an increase in real wages
b)
an increase in production
c)
and increase in the GDP growth rate
d)
an increase in the unemployment rate
6.
Which of the following is one reason the federal government collects income taxes as a person earns?
a)
so that people do not realize exactly how much they are paying
b)
so that the money can be put aside until it is needed
c)
so that the government can pay bills as they come due
d)
so that taxpayers can qualify for refunds of excess tax
7.
Which of the following would be a progressive tax?
a)
All people pay a 15 percent income tax.
b)
People pay 10 percent tax on property whether it is worth $50,000 or $500,000.
c)
All people pay a 15 percent income tax.
d)
People earning $35,000 pay 10 percent tax, while people earning $100,000 pay 30 percent tax.
8.
Supporters of Keynesian economics believe that
a)
government should be used as a tool to increase demand for goods.
b)
demand for goods increases when prices rise.
c)
taxes have a strong negative influence on economic output.
d)
the government should have a limited role in regulating the economy.
9.
What is the definition of economics?
a)
The study of getting rich
b)
The study of people and choices
c)
Forecasts of how a certain market will do
d)
Study of the stock market
10.
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.
11.
Type of economy that is based on trading and bartering?
a)
Socialist
b)
Traditional
c)
Free Enterprise
d)
Command
12.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision
b)
The price you pay to purchase something
c)
The benefit you gain by making a decision
d)
The amount of debt you take on by making a decision
13.
The cost of producing one more unit of a good.
a)
Fixed Cost
b)
Variable Cost
c)
Total Cost
d)
Marginal Cost
14.
People have limited resources, but unlimited ________.
a)
money
b)
wants and needs
c)
self-sufficiency
d)
stocks
15.
What are the traits of a command economy?
a)
Make own goods, grow own food, barter, least used
b)
Has elements of two economic types
c)
Private ownership, free trade, competition, most used
d)
Government makes all economic decisions, communist countries
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