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WorksheetsEconomics Final Review
Total questions: 73
Worksheet time: 37mins
Name
Class
Date
1.
Which item is not one of the four pillars of the Free Market system?
a)
Prices
b)
Private Property
c)
Voluntary Exchange
d)
Competition
2.
What are the three primary factors of production?
a)
land, labor, capital
b)
land, labor, factories
c)
labor, capital, markets
d)
capital, land, markets
3.
Advantages: predictability, security
Disadvantages: low innovation
Disadvantages: low innovation
a)
Traditional economy
b)
Command economy
c)
Market economy
d)
Mixed economy
4.
Advantages: can be efficient, equal, security
Disadvantages: can be inefficient, innovation ignored, no freedom
Disadvantages: can be inefficient, innovation ignored, no freedom
a)
Traditional economy
b)
Command economy
c)
Market economy
d)
Mixed economy
5.
Advantages: freedom, efficient
Disadvantages: equality and security ignored
Disadvantages: equality and security ignored
a)
Traditional economy
b)
Command economy
c)
Market economy
d)
Mixed economy
6.
What do households send to firms in the product market?
a)
Money
b)
Goods and services
c)
Factors of Production
7.
What do firms send to households in the product market
a)
Money
b)
Goods and Services
c)
Factors of Production
8.
What do households send to businesses in the factor market?
a)
Money
b)
Goods and Services
c)
Factors of Production
9.
What do firms send to households in the factor market?
a)
Money
b)
Goods and Services
c)
Factors of Production
10.
If you decide to stay up late with friends instead of going to sleep, sleeping is your what?
a)
Tradeoff
b)
Opportunity Cost
11.
If you decide to stay up late with friends instead of going to sleep, you will be tired but you won't miss out on the excitement.
Being rested but seeing everything represents what?
Being rested but seeing everything represents what?
a)
Tradeoffs
b)
Opportunity Costs
12.
Demand is both...
a)
willingness and ability
b)
willingness and price
c)
availability and ability
d)
availability and price
13.
Price goes up, ...
a)
demand goes down
b)
demand goes up
14.
Price goes down, ...
a)
demand goes down
b)
demand goes up
15.
Price goes down, ...
a)
supply goes down
b)
supply goes up
16.
Price goes up, ...
a)
supply goes down
b)
supply goes up
17.
As incomes rise, ...
a)
demand goes up
b)
demand goes down
c)
supply goes up
d)
supply goes down
18.
As populations decrease, ...
a)
demand goes down
b)
demand goes up
c)
supply goes up
d)
supply goes down
19.
When something becomes trendy, ...
a)
demand goes up
b)
demand goes down
c)
supply goes up
d)
supply goes down
20.
In the summer, demand for sunglasses ...
a)
demand goes up
b)
demand goes down
21.
If the price of TVs are on sale this week and will rise next week, ...
a)
demand goes up
b)
demand goes down
22.
If the price of TVs are on sale next week, currently ...
a)
demand goes up
b)
demand goes down
23.
If the price of fresh corn triples, demand for canned corn will ...
a)
increase
b)
decrease
24.
If the price of skis goes up, demand for ski boots ...
a)
goes up
b)
goes down
25.
Demand for pizza is ...
a)
elastic
b)
inelastic
26.
Demand for heart surgery is ...
a)
elastic
b)
inelastic
27.
We have Coca Cola and Pepsi, when the price of Coke rises, people will shift away from Coca Cola and buy Pepsi. This is because ...
a)
Coca Cola and Pepsi are substitutes
b)
Coca Cola represents a large % of our income
c)
Coca Cola is a want, Pepsi is a need
d)
Newer cola products are always coming out
28.
Supply curves slope ...
a)
up
b)
down
29.
Demand curves slope ...
a)
up
b)
down
30.
If input costs go up, ...
a)
supply goes up
b)
supply goes down
c)
demand goes up
d)
demand goes down
31.
As new suppliers open up business, ...
a)
supply goes up
b)
supply goes down
c)
demand goes up
d)
demand goes down
32.
Government issues subsidies to a business, ...
a)
supply goes up
b)
supply goes down
c)
demand goes up
d)
demand goes down
33.
Government levies new taxes on businesses, ...
a)
supply goes up
b)
supply goes down
c)
demand goes up
d)
demand goes down
34.
Government imposes new regulations on businesses, ...
a)
supply goes up
b)
supply goes down
c)
demand goes up
d)
demand goes down
35.
There will be a future price increase, ...
a)
supply goes up
b)
supply goes down
36.
There will be a future price decrease, ...
a)
supply goes up
b)
supply goes down
37.
Price signals tell businesses to ...
a)
supply more or less
b)
demand more or less
38.
Price signals tell consumers to ...
a)
supply more or less
b)
demand more or less
39.
Competition between buyers ...
a)
pushes prices up
b)
pushes prices down
40.
Competition between sellers ...
a)
pushes prices up
b)
pushes prices down
41.
During a shortage, there is ...
a)
more demand than supply
b)
more supply than demand
42.
During a surplus, there is ...
a)
more demand than supply
b)
more supply than demand
43.
The point at which supply and demand curves meet is called ...
a)
equilibrium
b)
perfect competition
c)
balance
d)
market
44.
No price controls, similar products, knowledgeable participants, no government barriers, free buyers and sellers
a)
Perfect competition
b)
Oligopoly
c)
Monopoly
45.
Some price controls, some variety, high government barriers, few firms
a)
Perfect competition
b)
Oligopoly
c)
Monopoly
46.
Price controls, no variety, high government barriers, one firm
a)
Perfect competition
b)
Oligopoly
c)
Monopoly
47.
Price ceilings create ...
a)
shortages
b)
surpluses
c)
equilibrium
d)
money
48.
Price floors create ...
a)
shortages
b)
surpluses
c)
equilibrium
d)
money
49.
What is the most liquid investment?
a)
checking account
b)
savings account
c)
stock certificate
d)
certificate of deposit
50.
What is the riskiest investment?
a)
junk bond
b)
stock certificate
c)
federal bond
d)
certificate of deposit
51.
Requires no specialized skills, education, or training
a)
unskilled labor
b)
semi-skilled labor
c)
skilled labor
d)
professional labor
52.
Requires minimal specialized skills, education, or some training
a)
unskilled labor
b)
semi-skilled labor
c)
skilled labor
d)
professional labor
53.
Requires specialized skills, education, and/or training (and little supervision)
a)
unskilled labor
b)
semi-skilled labor
c)
skilled labor
d)
professional labor
54.
Requires advanced skills, education, and training (and usually comes with a salary)
a)
unskilled labor
b)
semi-skilled labor
c)
skilled labor
d)
professional labor
55.
Identify the item not considered a fringe benefit
a)
salary
b)
retirement plan
c)
paid sick leave
d)
health care
56.
Which item is a primary function of a bank?
a)
save and store money
b)
balance budgets
c)
monetary policy
d)
insure money
57.
Which of the following is NOT a way that money enters a bank?
a)
deposits from customers
b)
interest from borrowers
c)
fees for services
d)
costs of doing business
58.
High risk =
a)
high return
b)
low return
c)
high liquidity
d)
low liquidity
59.
High liquidity =
a)
low risk
b)
high risk
c)
low return
d)
high return
60.
This type of stock has voting rights but is a riskier investment.
a)
common stock
b)
preferred stock
c)
corporate stock
d)
individual stock
61.
This type of stock is non-voting but you can recoup your loss if the company declares bankruptcy.
a)
common stock
b)
preferred stock
c)
corporate stock
d)
individual stock
62.
When the stock market experiences an upturn, this is commonly referred to as ...
a)
bear market
b)
bull market
c)
easy money
d)
tight money
63.
When the stock market experiences a downturn, this is commonly referred to as ...
a)
bear market
b)
bull market
c)
easy money
d)
tight money
64.
Which stock market is the largest?
a)
New York Stock Exchange
b)
NASDAQ
c)
the London stock market
d)
Dow Jones Industrial Average
65.
This tracking index tracks the 30 largest companies.
a)
Dow Jones Industrial Average
b)
NASDAQ 100
c)
S&P 500
66.
What does a secured loan have that an unsecured loan does not?
a)
collateral
b)
money
c)
contract
d)
installment plan
67.
What kind of APR does a credit card have if the rate changes throughout the year?
a)
variable
b)
fixed
c)
teaser/introductory
68.
What kind of APR does a credit card have if there is a set rate that doesn't change without notice?
a)
variable
b)
fixed
c)
teaser/introductory
69.
What kind of APR does a credit card have if there is a temporary rate that goes up after a set period of time?
a)
variable
b)
fixed
c)
teaser/introductory
70.
Which item is NOT used to calculate a FICO score?
a)
payment history
b)
amounts owed
c)
length of credit history
d)
minimum payments
71.
Which score is the best possible FICO credit score?
a)
850
b)
700
c)
990
d)
670
72.
Credit cards have a lower minimum payment to ...
a)
help customers pay on time
b)
make more money for the CC companies
c)
help customers keep low debt
d)
make it easier to use a credit card
73.
The official unempoyment level (U3) doesn't fully tell us about these job seekers...
a)
Discouraged workers & underemployed
b)
Self-employed and stay-at-home parents
c)
Discouraged workers & self-employed
d)
Underemployed & under 16
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