WorksheetsEconomics Final Review
Total questions: 47
Worksheet time: 41mins
The most basic of economic problems is
We have limited wants and limited resources to allocate for those wants
We have unlimited wants but limited resources to allocate for those wants.
We have limited needs but unlimited resources to accommodate our wants
We have unlimited wants and unlimited resources for those wants
The concept of limited resources to accommodate our unlimited wants is _____________
Scarcity
Incentivizing
Speculation
Outsourcing
Identify what this item would be considered: A video game console
Need
Want
Identify what this item would be considered: Food
Need
Want
Identify what this item would be considered: Car
Good
Service
Identify what this item would be considered: Mechanic
Good
Service
Huang has a huge economics test tomorrow and he currently has a D. He needs to do well in order to bring his grade back up. However, there is an important game at Smoky Hill that all his friends are going to tonight that if Huang goes to, he will have fun and see one of the girl’s he has a crush on. Also, one of his other friends invited him to go to a concert by one of Huang’s favorite rappers tonight as well. The ticket was already paid for, so Huang could go for free. He really wants to go to the concert because he loves that rapper but needs to do well on the economics test. He decides to stay home and study for the economics test.
Which choice was the opportunity cost?
The concert
The important game
Staying home to study
Both the concert and the game
From the previous example, which is/are the trade-off(s)?
The important game
Staying home to study
The Concert
Both the concert and the game
Which of the following is NOT a Factor of Production?
Land
Physical Capital
Profit
Labor
Which is an example of Physical Capital?
Accountant
Trees
Factory
Money
Which is an example of Human Capital?
Cell Phone Apps
Media
Mechanic
Job Training
Coal is an example of which Factor of Production?
Entrepreneur
Land
Labor
Capital
Oh No!!!! A zombie apocalypse! The remaining humans are living in an underground shelter. The shelter consists of dormitories for families to live in, a gym for working out, a medical facility, and even a grocery store to purchase the limited food still available. The human survivors are desperate for meat in order to obtain their protein; however, the Zombies have eaten most of the meat. Looking at the graphs below, which would best represent any shifts in the demand and/or supply curve regarding meat?
From the previous example, what will happen to the new equilibrium price?
Increase
Decrease
Remain the same
Looking at the chart, where is the Law of Diminishing Marginal Return
At 2 workers
At 3 workers
At 4 workers
At 5 workers
From the previous problem, what is the best solution for moving the effects of Diminishing Marginal Returns to a larger number of workers if they worked in a pizza shop? In other words, what factors could cause the Diminishing Marginal Return to change in the chart to more workers?
Remodel the kitchen and add more space and ovens
Pay the employees higher salaries
Add more choices to the menu
Put more money into a marketing campaign to increase business
The central bank is also referred to as the ____________________
Credit Lending System
Federal Reserve
Commercial Banking System
Fiscal Lending System
If more money is in circulation, what is most likely occurring?
More money is being lent by commercial banks
Inflation is going down
Federal reserve requirement is increasing
Economic growth is decreasing
All of the following are typically done to increase economic growth in the U.S. EXCEPT:
The FED buying back government bonds
Raising interest rates
Lowering income taxes
Decreasing Reserve Requirements
Federal Income Tax is an example of __________________
Regressive Tax
Proportional Tax
Progressive Tax
A Gasoline Tax is an example of a _________________________
Regressive Tax
Progressive Tax
Proportional Tax
Social Security Tax (up to $128,400) is an example of a proportional tax because it _________________________
Affects the incomes of all tax payers at the same rate
Affects people with high incomes more
Affects people with low incomes more
Which of the following is NOT an example of how the government uses negative incentives?
Littering Fine
Marijuana Tax
Federal grant money for education
Speeding Ticket
What is the following Tweet by President Trump is an example of?
“We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States. Ultimately, I believe, we will be making a deal - either now or into the future....”
Intangible, monetary, positive incentive
Tangible, non-monetary, negative incentive
Tangible, monetary, negative incentive
Intangible, non-monetary, positive incentive
Which of the following national economic goals is most likely to be affected if President Trump carries out his threat in the this quote?
“We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States. Ultimately, I believe, we will be making a deal - either now or into the future....”
Economic Freedom
Economic Growth
Economic Stability
All the above
During the Great Depression, the New Deal created programs like the CCC that made jobs for people. Which national economic goal would this best represent?
Economic Stability
Full Employment
Economic Security
Economic Efficiency
Which of the following does NOT describe commercial banks?
Provide customers with checking and savings accounts
Insure your balance up to $50,000
Can provide overdraft protection on checks
Provide safekeeping of money
Number 9 on the check above represents
Check Number
Account Number
Routing Number
Personal Identification Number
Number 1 represents
Check Number
Account Number
Personal Identification Code
Routing Number
Number 10 represents
Account Number
Routing Number
Check Number
Personal Identification Number
Direct deposits allow you to do all the following EXCEPT:
Electronic payments “clear” faster than live checks
Have immediate access to your pay upon deposit
Make it easier to apply for a loan
Able to make automatic electronic payments
When might you need to know your routing number for your checking account?
If you are depositing a check
If you are setting up Direct Deposit with your employer
If you are buying something online
If you are writing a check
How much interest does a $318 investment earn at 9% over one year?
$35.33
$2,862
$28.62
$3,533
You invested $52,400 at 6% compounded annually for 5 years. What is your total return on this investment?
$70,123.02
$11,490.40
$277,720
$7,123
Federico just graduated from college and got a new job that pays $35,000 a year. He is happy to finally be making money! He has a $10,000 student loan to pay off and hopes to pay it off as quickly as possible. The interest rate on his student loan is 5.6% compounded annually. He plans to pay off his loan over 2 years. He also remembers learning in his high school Economics class how important it is for him to start building up his credit score as soon as possible. Applying what his awesome economics teacher taught him, Federico applied for 3 different credit cards assuming he would not get approved by all. To his surprise, he was approved by all 3 credit card companies. He decided to keep all three credit cards because he wants to build up his credit score as quickly as possible.
How much total will Federico end up paying if he takes 2 years as planned to pay off his student loan?
$24,336.00
$11,151.36
$ 10,232.44
$12,754.98
Which recommendation is best for Federico if he wants to improve his credit score?
Pay off his student loan faster than 2 years
Switch from paper credit card statements to electronic statements, so that he never misses a statement, and risks being late with a payment
Take out a car loan so that he has a better mix of credit accounts
Make sure to spend at least a little bit of money on each of his new credit cards each month making the minimum payment on time each month
What is the cost of using somebody else’s money called?
Assets
Stock
Interest
Rate
What is the interest rate charged on credit card balances each year called?
Real Percentage Rate
Fixed Percentage Rate
Annual Percentage Rate
Simple Interest
Which of the following factors does NOT affect/impact your credit score?
Inquiries into your credit
Debts you owe
How hard you work at your job
How on time you are making payments
All the following are the 3 C’s lenders use to determine if they will loan you money EXCEPT:
Capacity
Collaboration
Collateral
Character
Who determines your credit score?
FDA
CRA
IRA
FICO
Which of the following companies is NOT a credit reporting agency?
Tranunion
Experian
Equifax
Transian
Once you deposit a check, it must go through ______________________
Amortization Period
Clearing House
Accounts Payable
Reserve Requirement
Number of Workers Marginal Cost Marginal Benefit
2 additional employees $10.00 5 additional coffees produced
3 additional employees $15.00 9 additional coffees produced
4 additional employees $20.00 13 additional coffees produced
5 additional employees $25.00 16 additional coffees produced
6 additional employees $30.00 18 additional coffees produced
What is the Marginal Cost of one additional employee?
$3
$15
$10
$5
Number of Workers Marginal Cost Marginal Benefit
2 additional employees $10.00 5 additional coffees produced
3 additional employees $15.00 9 additional coffees produced
4 additional employees $20.00 13 additional coffees produced
5 additional employees $25.00 16 additional coffees produced
6 additional employees $30.00 18 additional coffees produced
What is the Marginal Benefit of one additional employee?
5 additional coffees
4 additional coffees
3 additional coffees
2 additional coffees
Number of Workers Marginal Cost Marginal Benefit
2 additional employees $10.00 5 additional coffees produced
3 additional employees $15.00 9 additional coffees produced
4 additional employees $20.00 13 additional coffees produced
5 additional employees $25.00 16 additional coffees produced
6 additional employees $30.00 18 additional coffees produced
At what point do the costs outweigh the benefits?
6 additional employees
5 additional employees
4 additional employees
3 additional employees
Number of Workers Marginal Cost Marginal Benefit
2 additional employees $10.00 5 additional coffees produced
3 additional employees $15.00 9 additional coffees produced
4 additional employees $20.00 13 additional coffees produced
5 additional employees $25.00 16 additional coffees produced
6 additional employees $30.00 18 additional coffees produced
Based upon the concept of Thinking at the Margin, how many employees should Dr. G hire?
3
4
5
6
