NEW
Font size
S
M
L
XL
WorksheetsEconomic Unit 5 Review
Total questions: 17
Worksheet time: 9mins
Name
Class
Date
1.
The most important characteristic of money is
a)
durability
b)
scarcity
c)
acceptability
d)
divisibility
2.
The most important shifter in determining wages in a specific labor market is
a)
location.
b)
who you know.
c)
human capital.
d)
how long you have worked.
3.
Labor unions want to create a/an ___________ market for labor.
a)
monopolistic competive
b)
perfectly competive
c)
oligopoly
d)
monopoly
4.
Which of the 4 C's of credit deal with a person's financial history?
a)
Capacity
b)
Character
c)
Collateral
d)
Capital
5.
All of the following are low risk investments EXCEPT
a)
savings bonds.
b)
municipal bonds.
c)
treasury bonds
d)
junk bonds.
6.
Jen has a great credit score, this means her __ is good and will be charge a __ IR on her loan.
a)
character; low
b)
character; high
c)
capacity; low
d)
capacity; high
7.
The price of apples change from $1/lb to $1.50/lb, _______ will increase.
a)
quantity supplied
b)
supply
c)
quantity demanded
d)
demand
8.
In monopolistic competition there are many buyers and sellers
a)
True
b)
False
9.
Economists describe unintended consequences as externalities
a)
True
b)
False
10.
Public utilities are an example of a _______________ monopoly.
a)
technological
b)
natural
c)
government
d)
geographic
11.
In which market structure is there the MOST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
12.
A ___________________ worker is one with specialized training.
a)
professional
b)
semi-skilled
c)
skilled
d)
unskilled
13.
Jim, the lumberjack, moves from northern Minnesota, where there are many trees to the Nevada desert, where there are very few trees. We would expect Jim's wages as a lumberjack to _____ because the _____ curve in the market for lumberjacks would shift _____.
a)
decrease; supply; righte
b)
increase; demand; left
c)
decrease; demand; left
d)
increase; supply; left
14.
Any resources that combines the time and effort to do a job with the knowledge to do the job is called
a)
labor
b)
entrepreneurship
c)
land
d)
physical capital
15.
I compare the price of the same video game on Amazon and the Target website before buying it In this scenario, I used money as a
a)
medium of exchange
b)
store of value
c)
unit of account
d)
unit of trade
16.
In a free market economy, economic ____ is hard to achieve but economic _____ is easier to achieve.
a)
equity; growth
b)
growth; equity
c)
security; equity
d)
freedom; security
17.
If, everything else remaining constant, households believe there will be a decrease in the price of gas tomorrow, then the ____ curve for gas TODAY will shift to the ___, causing the equilibrium price to _____.
a)
demand; left; decrease
b)
supply; left; increase
c)
demand; right; increase
d)
supply; right; decrease
Reset
