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WorksheetsEcon Final Review
Total questions: 60
Worksheet time: 37mins
Scarcity is:
Physical objects
The resources that are used to make all goods and services
producers will not or cannot offer goods or services at current prices
Limited quantities of resources to meet unlimited needs and wants
A shortage is when:
Physical objects are in vast supply
The resources that are used to make all goods and services
producers will not or cannot offer goods or services at current prices
Limited quantities of resources to meet unlimited needs and wants
An opportunity cost is:
Everything you had given up for the choice you made
The most desirable alternative given up as the result of a decision
How much less or more we choose to do
when you lose out on an opportunity that cost you a fortune
In economics efficiency is:
Using resources in such a way as to maximize the production of goods and services
Using fewer resources than an economy is capable of using
An increase in Productivity
Every point on a Production Possibility Curve
In economics cost is defined as:
Every point on a PPC
Every point inside a PPC
The loss of money
Opportunity Cost... What you have to give up to gain something else
Which of the following statements best describes a Traditional Economy?
A combination of different economic systems?
An economic system that is based off traditions or customs; trade and bartering seen in many Native American tribes
An economic system where the government controls all the factors of production
An economic system where there is no government involvement; Adam Smith's idea for every economy
Which of the following statements best describes a Free Market Economy?
A combination of different economic systems
An economic system that is based off traditions or customs; trade and bartering seen in many Native American tribes
An economic system where the government controls all the factors of production
An economic system where there is no government involvement; Adam Smith's idea for every societies' economy
Which of the following statements best describes a Command Economy?
A combination of different economic systems
An economic system that is based off traditions or customs; trade and bartering seen in many Native American tribes
An economic system where the government controls all the factors of production
An economic system where there is no government involvement; Adam Smith's idea for every societies' economy
Which of the following statements best describes a Mixed Economy?
A combination of different economic systems; some government involvement while producers and consumers also have a say
An economic system that is based off traditions or customs; trade and bartering seen in many Native American tribes
An economic system where the government controls all the factors of production
An economic system where there is no government involvement; Adam Smith's idea for every societies' economy
Adam Smith is known as:
The Father of Modern Economics
The Father of Modern Astronomy
The Father of the Command Economic System
The Father of the Mixed Economic System
Adam Smith supports the ideas of which type of economic system?
Traditional
Free Market
Command
Mixed
A safety net is:
a government program that protects people from unfavorable economic conditions
A government program that signs people up for college
a government program that gives you ideas of what you want to be when you're older
a net that is in fact, safe.
An example of a negative externality at a national park is:
the cost of maintenance
the cost of construction
an environmental disaster
Animals living on the land
An example of a positive externality of a park being built is:
adding value to property around the park
Flowers blooming
People visiting
kids playing on the playground
In economics competition causes
People to fight
growth and innovation
prices to rise
prices to lower
What happens to a supply curve when supply decreases?
moves left
moves rights
moves up
moves down
it increase
it decreases
it stays the same
it is not effected
equilibrium price is
when demand is equal to supply
when there is no shortage and no surplus
both of them
surplus leads to
increase in price
decrease in price
This is caused by a non-price factor, something other than a change in price.
Shift in the curve
Movement along the curve
Grading on a curve.
When the government artificially raises the price of a good or service (sets the price above equilibrium). This causes a surplus.
Price ceiling
Price control
Price floor
When the government sets the price of a good or service lower than the equilibrium price. Causes a shortage.
Price floor
Price ceiling
Price fixing
All of the following are causes of a shift in demand EXCEPT
Change in consumer taste
Change in price of related goods
Change in income
Change in price
The quantity at which the quantity supplied and quantity demanded meet is called
Quantity Demanded
Price point
Equilibrium
Quantity Supplied
The amount demand will change due to a change in price is called
Law of Demand
Aggregate Demand
Elasticity of Demand
Level of Demand
Rent would be an example of a
Implicit cost
Expensive cost
Variable cost
Fixed cost
Which is not a part of the definition of money?
Medium of exchange
unit of account
comes in the form of either cash and/or coin
stores value
Which of the following is an example of commodity money?
Cash
Cow
Silver
Debit Card
Which of the following is an example of representative money?
Bond
Cash
Debit Card
Cow
Which of the following does not adjust for inflation?
Real GDP
Unbelievable GDP
GDP
Nominal GDP
Which of the following adjusts for inflation and is more accurate when comparing past years GDP?
Nominal GDP
True GDP
Real GDP
The realest of all GDPs
When a student graduates college and is searching for a job this is an example of:
Seasonal Unemployment
Frictional Unemployment
Cyclical Unemployment
Structural Unemployment
When a retail store lets go of employees after Christmas this is an example of
Seasonal Unemployment
Frictional Unemployment
Cyclical Unemployment
Structural Unemployment
When Ford lays off employees because the company now has more efficient machines this is an example of:
Seasonal Unemployment
Frictional Unemployment
Cyclical Unemployment
Structural Unemployment
JC Penny's is laying off workers because the economy is in a contraction period, this is an example of:
Structural unemployment
Cyclical Unemployment
Seasonal Unemployment
Frictional Unemployment
When referring to full employment the unemployment rate is
at 0%
between 1-2%
between 3-5%
between 4-6%
When there is inflation your purchasing power
remains the same
decreases
increases
loses all of its value
If you make more money than you should pay more in taxes is an example of:
Proportional tax rate
Regressive tax rate
Progressive tax rate
A fair tax rate
Everyone, no matter the amount of income should pay the same tax rate is an example of
Regressive tax rate
Progressive tax rate
Proportional tax rate
Fair tax rate
I make more money and do not use the services and welfare programs provided by my tax dollars is an argument for the use for a
Proportional tax rate
Regressive tax rate
Progressive tax rate
A fair tax rate
The government should step in and help out the consumers in times before or during contraction period is the practice of
Classical Theory of Economics
Keynesian Economic Theory
Trickle Down Economics
C. Johnson's Theory of Economics
The government should give tax breaks and subsidies to business in order to create jobs is an example of which economic theory?
Supply-side economics
Keynesian economics
Classical economics
Business economics
If the economy is in a contractionary period of the business cycle the federal government will/should use
Monetary Expansionary policies
Fiscal Expansionary policies
Monetary Contractionary policies
Fiscal Contractionary policies
If the economy is expanding too quickly the federal government will/should use
Monetary Expansionary policies
Fiscal Expansionary policies
Monetary Contractionary policies
Fiscal Contractionary policies
