NEW
Font size
WorksheetsEconomics Semester Review
Total questions: 20
Worksheet time: 10mins
A car is an example of
durable good
nondurable good
capital good
service
Opportunity cost refers to
the dollar amount attached to a good or service
the value of the next best alternative
the cost of not expanding production
the cost of labor when production is expanded or changed
Economics is best defined as the study of how societies deal with
the factors of production
the problem of scarcity
the paradox of wealth
the division of labor
The economic system of the United States is considered a
free market capitalist economy
command economy
socialist economy
traditional economy
Which is a good synonym for the work barter in the term barter economy
trade
fiat
specie
monetary
Consumers in a free enterprise economy ultimately determine _____ to produce.
when
how
what
where
Consumers are powerful because
they have more rights than corporations
thye help decide a business's opportunity costs
they drive decisions about what to produce
their interests force producers to behave ethically
What gives people and businesses the opportunity to make their own decisions
profit motive
economic freedom
command economy
free enterprise
In what kind of economy does the government own all of the factors of production?
communist
market
socialist
traditional
Which of the following is a basic characteristic of money?
portability
durability
divisibility
all of these
What is the relationship between income and demand?
a decrease in income increases demand
an increase in price increases income
a decrease in price decreases income
an increase in income increases demand
Societies are faced with which three basic questions about production of goods?
what, how and why
what, where and when
what, how and for whom
when, where, and for whom
A can of soup is an example of
durable good
nondurable good
capital good
service
Diminishing marginal utility results from lessened
income
satisfaction
demand
elasticity
Which of the following lists economic systems in order from least to most flexible?
command, socialism, free market
free market, socialism, command
socialism, command, free market
free market, command, socialism
You pick up a $1 bill. What are you holding?
currency
Federal Reserve note
fiat money
all of the above
Which of the following is an advantage of sole proprietorship?
There are almost no requirements to start up a sole proprietorship.
The owner makes all the decisions
The owner keeps all of the profits
All of these are advantages of a sole proprietorship
The dollar value of all final goods, services, and structures produced in a country in a year is known as
Gross Domestic Product
franchise
profit motive
Gross National Product
Because of technological developments, the banking industry is steadily moving toward _____ banking.
demand
electronic
creditworthy
reserve
The government document that grants permission to establish a corporation is called a
stock certificate
charter
partnership agreement
limited liability agreement
