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ECONOMICS EXAM REVIEW

Total questions: 60

Worksheet time: 30mins

Name
Class
Date
1.
Front of the $5.00
a)
George Washington
b)
Abe Lincoln
c)
Ben Franklin
2.
Front of the $50.00
a)
Abe Lincoln
b)
George Washington
c)
Ulysses S. Grant
d)
Ben Franklin
3.
Back of the $5.00
a)
Capital
b)
Lincoln Memorial
c)
Independence Hall
4.
Father of Economics
a)
John Smith
b)
Adam Smith
c)
Adam Smart
d)
Janet Yellen
5.
Back of the $10.00
a)
Capital
b)
White House
c)
Treasury
6.
study of economics that deals with individual decisions
a)
macroeconomics
b)
microeconomics
c)
scarcity
7.
work performed for someone else
a)
goods
b)
services
c)
work 
d)
labor
8.
GDP with inflation
a)
real
b)
current
c)
inflated
9.
desire, ability, and willingness to buy a product
a)
supply
b)
wants
c)
services 
d)
demand
10.
GDP without inflation
a)
real 
b)
current 
c)
inflated
11.
certificate of ownership in a company
a)
bond
b)
cd
c)
stock
12.
used to purchase items in an economy
a)
stocks
b)
bonds
c)
money
13.
alternative choices made by consumers in the marketplace
a)
trade offs
b)
choice
c)
demand
d)
opportunity cost
14.
a situation when quantity demand is greater than quantity supplied
a)
shortage
b)
surplus
c)
equilibrium
15.
tax on the manufacturing or sale of certain items
a)
sales
b)
excise
c)
estate
d)
gift
16.
Back of the $20.00
a)
Capital
b)
White House
c)
Independence Hall
d)
Lincoln Memorial
17.
front of the $10.00 bill
a)
George Washington
b)
Alexander Hamilton
c)
Abe Lincoln
d)
Ben Franklin
18.
tangible commodities
a)
services
b)
goods
c)
consumers
19.

chairperson of the Federal Reserve

a)

Jerome Powell

b)

Janet Yellen

c)

Ben Bernake

d)

Adam Smith

20.
number of Federal Reserve District banks
a)
8
b)
10
c)
12
d)
15
21.
money that is by government decree
a)
commodity
b)
fiat
c)
barter
22.
a 12 month financial planning period
a)
calendar year
b)
fiscal year
c)
government year
23.
front of the $20.00 bill
a)
George Washington
b)
Alexander Hamilton
c)
Ben Franklin
d)
Andrew Jackson
24.
type of elasticity when a price adjustment causes a large quantity change
a)
elastic
b)
inelastic
c)
 unit elastic
25.
type of elasticity when a price adjustment makes a small quantity change
a)
elastic
b)
inelastic
c)
unit elastic
26.
general rise in prices
a)
deflation
b)
inflation
c)
upflation
27.
Number 1 thing you should start saving your money for
a)
Retirement
b)
College
c)
Car
d)
House
28.
Cost of the next best alternative
a)
trade off
b)
opportunity cost
c)
goods
d)
choices
29.
back of the $100.00
a)
capital
b)
White House
c)
Treasury
d)
Independence Hall
30.
oversights in the tax law
a)
loopholes
b)
oversights
c)
exceptions
31.
President that established the Greenbacks
a)
Franklin Roosevelt
b)
Abe Lincoln
c)
Woodrow Wilson
d)
Teddy Roosevelt
32.
risk takers in the US economy 
a)
entrepreneurs
b)
consumers
c)
stockbrokers
33.
Not a factor of production
a)
land
b)
labor
c)
costs
d)
capital
34.
type of merger when two of the same companies merge together
a)
vertical
b)
horizontal
c)
up
d)
down
35.
direction the demand curve always slopes
a)
up 
b)
down
c)
straight
d)
sideways
36.
1st anti-trust legislation
a)
Sherman
b)
Clayton
c)
Monopoly
d)
FTC
37.

Which President established the Federal Reserve?

a)

FDR

b)

JFK

c)

Woodrow Wilson

d)

Abe Lincoln

38.

Price always changes quantity demand and quantity supplied.

a)

True

b)

False

39.

Which is not a market structure?

a)

monopoly

b)

oligopoly

c)

pure competition

d)

capitalism

40.

money that has an alternative use

a)

fiat

b)

fiscal

c)

commodity

d)

trade

41.

When do you have to file your federal income tax return?

a)

April 14

b)

April 15

c)

April 16

d)

April 18

42.

Which amendment allows the federal government to tax your income?

a)

16th

b)

18th

c)

20th

d)

1st

43.

personal income you can actually spend

a)

NI

b)

DPI

c)

PI

d)

GNP

44.

Typically the main reason for income inequality in the US

a)

education

b)

health care

c)

family status

d)

discrimination

45.

Federal agency that monitors the stock market

a)

IRS

b)

FED

c)

SEC

d)

FDIC

46.

Federal agency that regulates US banks

a)

Federal Reserve

b)

US Treasury

c)

German American Bank

d)

FDIC

47.

Total amount of a product offered for sale

a)

demand

b)

inventory

c)

supply

48.

What stock exchange is located on Wall Street?

a)

NASDAQ

b)

New York Stock Exchange

c)

American Stock Exchange

49.

What does GDP stand for?

a)

Gross Domestic Place

b)

Gross Domestic Price

c)

Gross Demand Product

d)

Gross Domestic Product

50.

What federal agency monitors taxes in the US?

a)

IRA

b)

IRS

c)

Treasury

d)

FDIC

51.

Risk takers, driving force of our economy, create new products

a)

consumers

b)

government

c)

businesses

d)

entrepreneurs

52.

study of economics that deals with individual decisions

a)

multieconomics

b)

macroeconomics

c)

microeconomics

d)

minieconomics

53.

a long term investment when the individual lends their money to the government or a company and they will repay the investment plus interest on a set date

a)

stock

b)

mutual fund

c)

bond

d)

savings account

54.

most common stock exchange for tech stocks, also part of the over the counter market

a)

NYSE

b)

American

c)

NASDAQ

d)

DOW

55.

President Johnson created the poverty threshold and the poverty guidelines

a)

False

b)

True

56.

Which type of monopoly is created because of its location

a)

natural

b)

geographic

c)

technological

d)

governmental

57.

What is the largest source of revenue for the federal government?

a)

FICA

b)

borrowing

c)

individual income tax

d)

corporate income tax

58.

In a competitive market, the price adjustment process moves toward market

a)

equilibrium

b)

surplus

c)

shortage

59.

Which is not an example of a variable cost?

a)

rent

b)

freight

c)

electricity

d)

wages

60.

What type of jobs does the US offer the most?

a)

technological

b)

service

c)

manufacturing

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