Free Printable FBLA Economics

Worksheets

FBLA Economics

Total questions: 38

Worksheet time: 53mins

Name

Class

Date

1) What happens when there are excessive increases in the money supply?

deflation

inflation

stable prices

an increase in the value of the dollar

Societies that value equality over efficiency will generally have which one of the following?

a more equal distribution of income

higher rates of economic growth

small public sectors with limited powers

constitutional restrictions on income redistribution policies

Which one of the following is the best example of a factor of production?

a sports car

a cheeseburger

a hammer

a college textbook

) In 2007 the GDP deflator was 125 and nominal GDP was $9.9 trillion. In 2008 the GDP deflator was 130 and nominal GDP was $11.7 trillion. How much did real GDP (expressed in 2007 dollars) increase during this time period?

$0.75 trillion

$1.80 trillion

$2.27 trillion

$1.35 trillion

If the price of plastic used to make printers decreases, this will cause a(n)

increase in the supply of printers

decrease in the demand for printers

increase in the demand for printers

decrease in the supply of printers

The economic principle that states that individuals or nations can gain by specializing in the production of goods where they have the lowest opportunity cost is called:

law of unintended consequences

law of absolute advantage

law of comparative advantage

law of production possibilities

A firm in perfect competition has a demand curve that is:

horizontal at the market price

downward sloping

upward sloping

equal to the firm's total revenue curve

If the dollar loses value in comparison to other world currencies, this will cause which one of the following?

the demand for the dollar to decline and encourage investment in the U. S. economy

the demand for the dollar to increase and encourage investment in the U. S. economy

the demand for the dollar to increase and discourage investment in the U. S. economy

he demand for the dollar to decline and discourage investment in the U. S. economy

Which one of the following is the best example of a public good?

a toll road

Disneyworld

a restroom in a public park

national defense

10.

10) If restrictive monetary policy is required to address a serious inflationary problem, it is likely that the money supply will:

contract and economic output will be reduced in the short run

contract and economic output will increase in the short run

expand and economic output will be reduced in the short run

expand and economic output will increase in the short run

11.

The study of the economy as a whole and how major sectors of the economy interact.

Incentives

Inflation

Unemployed

Macroeconomics

12.

The total value of all final goods and services produced in the economy during a given year, calculated using the prices of a selected base year

Real GDP

Nominal GDP

Real GDP per Capita

GDP

13.

Reduces aggregate demand (a decrease in government purchases of goods and services, an increase in taxes, a decrease in government transfers)

Expansionary Fiscal Policy

Contractionary Fiscal Policy

Discretionary Fiscal Policy

Budget

14.

Fiscal policy that is the direct result of deliberate actions by policymakers rather than automatic adjustments

Expansionary Fiscal Policy

Contractionary Fiscal Policy

Discretionary Fiscal Policy

CPI

15.

Which of the following is a type of pollution?

visual pollution

Tree pollution

Air pollution

Litter

16.

What is meant by current account deficit?

Import expenditure > export revenue

Export revenue > import revenue

Export expenditure > import revenue

Export revenue > import expenditure

17.

What dose it mean by visible trade?

Trade in services

Trade in physical goods

18.

When the winter is coming, people who work in the hotel in Jamaica will lose their jobs. But when summer comes again, they will no longer unemployed. Which type of unemployment is this?

structural unemployment

Voluntary unemployment

seasonal unemployment

19.

Goods and Services sold to other countries is import.

TRUE

FALSE

20.

A decrease or loss in value of currency is depreciation

TRUE

FALSE

21.

If a student graduated from a university but doesn't have a job, which type of unemployment is it?

Structural unemployment

Frictional unemployment

Voluntary unemployment

22.

Average income per head.

real GDP

nominal GDP

GDP per capita

economic growth

23.

Persistently rising general price levels caused by increasing production costs.

Cost push inflation

Imported inflation

Demand pull inflation

Deflation

24.

period following economic recovery in an economic cycle, characterized by an economy working at full or near-full capacity with a low level of unemployment and aggregate demand, sales and profits at or near their peak, and often accompanied by rising inflation.

economic recession

economic boom

economic peak

sustainable growth

25.

The Consumer Price Index (CPI) can be defined as

The market value of all final goods and services

A measure of inflation based on the cost of a fixed “market basket”

The rise and fall of economic activity relative to the long-term growth trend

A decline in total production lasting at least two consecutive quarters

26.

what is law of demand

•Is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

•Particularly in consumer choice theory, the substitution effect is one component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.

•In economics, is a table of the quantity demanded of a good at different price levels. Given the price level, it is easy to determine the expected quantity demanded.

27.

What causes a shift

v Conversely, demand can decrease and cause a shift to the left of the demand curve for a number of reasons, including a fall in income, assuming a good is a normal good, a fall in the price of a substitute and a rise in the price of a complement.

and increase in the price of a good will increase demand for its substitute, while a decrease in the price of a good will decrease demand for its substitute. 2. Complements are goods that are used jointly.

increases in demand are shown by a shift to the right in the demand curve. This could be caused by a number of factors, including a rise in income, a rise in the price of a substitute or a fall in the price of a complement.

28.

what is calculation elasticity.

§A number of factors come into play in determining whether demand is price elastic or price inelastic in a given market. Factors affecting price elasticity of demand. The number of close substitutes – the more close substitutes there are in the market, the more elastic is demand because consumers find it easy to switch.

§is a concept in cloud computing in which computing resources can be scaled up and down easily by the cloud service provider. Elastic computing is the ability of a cloud service provider to provision flexible computing power when and wherever required.

§When demand is elastic, the quantity effect dominates the price effect; so a decrease in the price increases total revenue. When demand is inelastic, the price effect dominates the quantity effect; so a decrease in the price reduces total revenue.

29.

what is The law of supply

•Is a microeconomics law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.

is a graphical representation of the relationship between the price of a good or service and the quantity supplied for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity supplied on the horizontal axis.

30.

what is labor and output

▪business costs involved in the production of goods.

▪ Computing: A result produced by a computer that is internal to the system (from one program or process to another) or external to it (from a program or process to an output device) but internal to an output device (modem, monitor, printer, etc.). 3. Contracting: The desired result from a project or contractor.

is a measure of economic growth within a country. Labor productivity measures the amount of goods and services produced by one hour of labor; specifically, labor productivity measures the amount of real gross domestic product (GDP) produced by an hour of labor.

31.

what is input costs

▪By raising or lowering the cost of producing goods. They can encourage or discourage entrepreneurs or industry within the country or abroad. Two years ago, there was a government regulation to limit the amount of salt that can be used in food.

▪of direct material, direct labor, and other overhead items devoted to the production of a good or service.

▪The international spread of capitalism, especially in recent decades, across national boundaries and with minimal restrictions by governments. The global economy has become hotly controversial.

32.

what is •Balancing the market

•is a government-imposed price control or limit on how high a price is charged for a product. Governments intend price ceilings to protect consumers from conditions that could make commodities prohibitively expensive.

•is a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance. This can be a short-term byproduct of a change in variable factors or a result of long-term structural imbalances.

•situation after gate closure in which a TSO acts to ensure that demand is equal to supply, in and near real time. Ancillary services: range of functions which TSOs contract so that they can perform balancing.

33.

What is changes in price

In the stock market, a price change is the difference in trading prices from one period to the next or the difference between the daily opening and closing prices of a share of stock.

•is a term used in economics to describe when the suppliers of a given good or service have altered production or output. A change in supply can be brought on by new technologies, making production more efficient and less expensive, or by a change in the number of competitors in the market.

•Conversely, demand can decrease and cause a shift to the left of the demand curve for a number of reasons, including a fall in income, assuming a good is a normal good, a fall in the price of a substitute and a rise in the price of a complement.

34.

what is prices and the profit incentive

• resource allocation is a central theme in economics, and it is related to economic efficiency and maximization of utility. It involves analyzing the distribution of scarce resources among producers and the allocation of scarce goods and services among consumers.

•the desire for profit that motivates one to engage in business ventures.

•One view is that a free market is a system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

35.

•Four conditions for perfect competition

1) All firms sell an identical product; 2) All firms are price takers - they cannot control the market price of their product; 3) All firms have a relatively small market share; 4) Buyers have complete information about the product.

are the existence of high startup costs or other obstacles that prevent new competitors from easily entering an industry or area of business.

•A measure of the change in the prices of goods and services sold as output by domestic producers. Covers both output sold on the domestic market and output sold as exports. Valuation is at basic prices.

36.

Describing monopoly

All monopolies have one trait in common a single seller in a market. However, different market conditions can creature different type of monopolies.

he exclusive possession or control of the supply or trade in a commodity or service

• is a form of coercive monopoly in which a government agency or government corporation is the sole provider of a particular good or service and competition is prohibited by law. It is monopoly created by the government • is a form of coercive monopoly in which a government agency or government corporation is the sole provider of a particular good or service and competition is prohibited by law. It is monopoly created by the government.

37.

what is Monopolistic competition

• is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.

Many Firms As a rule, monopolistically competitive markets are not marked by economies of scale or high start-up costs, allowing more firms. 2. Few Artificial Barriers to Entry Firms in a monopolistically competitive market do not face high barriers to entry.

•is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship"

38.

what is Deregulation

•the act or process of trying to get or win something (such as a prize or a higher level of success) that someone else is also trying to get or win : the act or process of competing. : actions that are done by people, companies, etc., that are competing against each other.

•refers to the ability of a firm (or group of firms) to raise and maintain price above the level that would prevail under competition is referred to as market or monopoly power. The exercise of market power leads to reduced output and loss of economic welfare.

•the removal of regulations or restrictions, especially in a particular industry.

100 %

FBLA Economics

Total questions: 38

Worksheet time: 53mins

Similar Resources on Wayground