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WorksheetsFinal Review 2
Total questions: 20
Worksheet time: 10mins
What are the factors of production?
The mathematical equations that determine the GDP
The number of steps it takes to make a product
The resources necessary to produce goods and services like land, labor, capital and entrepreneurship
The goods and services that a country produces
Which of the following is NOT a factor of production for a burger made at McDonald’s?
Pen
Ray Kroc, founder of McDonald’s
Sydney, a McDonald’s employee
Cow
Which statement best describes scarcity?
limited resources with limited wants/needs
unlimited resources with limited wants/needs
unlimited resources with unlimited wants/needs
limited resources with unlimited wants/needs
We do not currently have enough oil and fossil fuels to meet society’s need for them. Unfortunately, oil and fossil fuels cannot be replaced efficiently. What is this condition called?
Shortage
Scarcity
Economics
Opportunity cost
Camryn is trying to make a decision about whether or not to start up her own business. What process is she engaging in when she considers the pros and cons of this new idea?
opportunity cost
cost-benefit analysis
trade off
underutilization
Blake decides to give up his favorite activity of playing video games after school in order to get a job. In this scenario, what is playing video games?
Blake’s opportunity cost
Blake’s human capital
Blake’s cost-benefit analysis
Blake’s investment
How does the term “Guns and Butter” represent the economic choices countries must make?
It represents a choice between spending and saving
It represents a choice between violence and peace
It represents a choice between science and health
It represents a choice between capital goods and consumer goods.
If the Governor announced that teacher salaries were going to increase, what prediction would economists make about the demand of teaching jobs?
More people will become teachers.
It will stay the same.
More teachers will seek other jobs.
Fewer people will become teachers.
When buyers purchase exactly what sellers are willing to sell, which condition has been achieved?
Supply and demand
Surplus
Equilibrium
Shortage
Why would the US place tariffs on imports coming from China?
To create a large percentage of federal revenue
To protect American jobs and industries
To close the borders to all foreign trade
To make it easier to import the goods
Cuba has been under this, forbidden to conduct trade with the US.
Import Quota
Export Quota
Embargo
Tariff
What situation is an example of Adam Smith’s invisible hand theory?
Allowing a 15 year-old student to work until midnight on a Tuesday night during the school year
The California state government placing taxes on soda to protect the public
Meat packers have no health or safety regulations on how they handle meats
Wells Fargo opening a new branch in a community with few jobs and hiring over 50 workers
When do you make or lose money from stocks?
When the government pays you back
When you sell it
When you buy it
Any time the stock moves up or down in the stock market
How can you manage your credit responsibly?
Only apply for loans when you know you can pay them back
Limit your credit purchases to what you can pay off at the end of the month
Limit the amount of credit you take out
All of the above
What type of savings account will earn you the most money in the long run?
One that offers compound interest
One that offers a principal
One that offers simple interest
One that offers accrued interest
What is a country’s GDP?
The amount of goods a country exports in a year
The amount of goods the world produces in a year
The amount of goods a country produces in a year
The amount of goods a country imports in a year
Why is the US not a purely capitalistic country?
The government regulates the treatment of workers
The government supplies a pension to retirees
The government regulates wages
All of the above
Last year, Spain had 25.65B in imports and 23.02 in exports. What type of trade balance did they have in 2018?
Budget Surplus
Unfavorable Balance of Trade
Budget Deficit
Favorable Balance of Trade
People are free to open and operate their own business without government interference
Traditional
Mixed
Command
Market
Economic decisions made by the people with government oversight and approval
Traditional
Command
Mixed
Market
