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Econ Final Study Guide

Total questions: 110

Worksheet time: 2hrs 45mins

Name
Class
Date
1.

Which of these explains a want, not a need?

a)

Shelter: If you don't have this you could possibly die in cold weather

b)

Chocolate: People like to eat this as a sweet treat, some may think it's delicious.

c)

Protein: This is important for having good health. It provides valuable nutrients.

d)

Clothes: You wear these to stay warm and out of jail.

2.

The definition of a need is: Something that is essential for life and ________ to __________.

a)

necessary, survive

b)

essential, life

c)

necessary, essential

d)

essential, survive

3.

A want is: Something that makes life more happy and _________ but not _________ to survive.

a)

necessary, comfortable

b)

essential, necessary

c)

happy, comfortable

d)

comfortable, necessary

4.

Wants are _____________________ and always ____________________.

a)

necessary, comfortable

b)

essential, necessary

c)

happy, comfortable

d)

unlimited, changing

5.
Land, labor, capital, and entrepreneurship
a)
Economy
b)
Infrastructure
c)
Factors of production
d)
Capital
6.
The skills of people who are willing to invest time and money to run a buainess
a)
Labor
b)
Land
c)
Capital
d)
Entrepreneurship 
7.
Difference between wants and needs and available resources
a)
Economy
b)
Factors of Production
c)
Resources 
d)
Scarcity 
8.
The people who work in both the public and private sector
a)
Land
b)
 Labor
c)
Entrepreneurahip
d)
Capital
9.
The goods used in the production process such as factories, machinery and equipment
a)
Land
b)
Labor
c)
Resources
d)
Capital
10.
Everything contained in the earth or found in the sea ex: coal and crude oil
a)
 Land
b)
Labor
c)
Resources
d)
Infrastructure
11.
The term used to describe the way a nation provides for the needs and wants of its people
a)
resources
b)
economy
c)
factors of production
d)
Infrastructure
12.
One who decides how to combine resources to create goods and services and who takes a personal risk to do so:
a)
Entrepreneur
b)
Inventor
c)
Assembly Line Worker
d)
Factory Manager
13.
The act of giving up one benefit in order to gain another, greater benefit:
a)
land
b)
Trade-Off
c)
Economic Decision
d)
Command Economy
14.
The most valuable alternative we give up when making a choice:
a)
Trade-Off
b)
Opportunity Cost
c)
Cost/Benefit Analysis
d)
Thinking at the Margin
15.
The value of the next best alternative, or what you give up by choosing one alternative over another. 
a)
Trade-off
b)
Opportunity Cost
c)
Cost-benefit analysis
d)
Marginal Cost
16.
Examining the cost and the expected benefits of a choice is an aid to decision making
a)
Trade-off
b)
Cost-benefit analysis 
c)
Marginal Cost 
d)
Marginal Benefit
17.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
18.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
19.
Why does every economic decision involve an opportunity cost?
a)
scarce resources and unlimited wants
b)
few decisions have marginal benefit
c)
prices are always too high
d)
trade-offs are impossible
20.
A graph that shows alternative ways to use an economy's productive resources.
a)
Production Possibilities Frontier
b)
Production Possibilities Curve
c)
Possible Production Benefits
d)
Resource Allocation Management
21.

Economics is the study of

a)

how society manages its unlimited resources.

b)

how to reduce our wants until we are satisfied.

c)

how to allocate resources to best satisfy our unlimited wants.

d)

how to avoid having to make trade-offs.

22.

Which of the following statements is normative?

a)

Large government deficits cause an economy to grow more slowly.

b)

People work harder if the wage is higher.

c)

The unemployment rate should be lower.

d)

Printing too much money causes inflation.

23.
Positive statements are
a)
macroeconomic.
b)
microeconomic.
c)
statements of description that can be tested.
d)
statements of prescription that involve value judgments.
24.
In economics, the term demand refers to the quantity of a good that people
a)
will buy at one particular price over a long time period
b)
would like to consume on a given date
c)
will buy at many different prices at a particular time
d)
would like to have available during a given time period
25.

An increase in the price of Anadin is likely to be paired with a(n) ___________________ in the demand for Panadol because the two goods are __________________.

a)

increase; complements

b)

increase; substitutes

c)

decrease; complements

d)

decrease; substitutes

26.
Printers and ink cartridges are typically purchased together.  Economists would call these
a)
Stubstitues
b)
Complements
c)
Elastic
d)
Inelastic
27.
All of the following are points on the business cycle EXCEPT
a)
Peaks
b)
Troughs
c)
Expansion
d)
GDP
28.
The HIGHEST Point in business cycle
a)
Peak
b)
Trough
c)
Contraction
d)
Recession
29.
The graph represents: Demand or Supply?
a)
Demand
b)
Supply
30.
Elastic or Inelastic
a)
Elastic
b)
Inelastic
31.
Elastic or Inelastic
a)
Elastic
b)
Inelastic
32.
Amount of a product consumers will buy at a given prices is called what?
a)
Substitute
b)
Demand
33.
What kind of graph is this?
a)
Supply
b)
Demand
34.

a nation's way of producing things its people want and need

a)

economic system

b)

economics

c)

economic model

d)

all of these

35.

economic behaviors and decision making by government or whole industries or societies

a)

microeconomics

b)

macroeconomics

36.

simplified representation of the real world that economists develop to describe how the economy is expected to perform in the future

a)

Economics

b)

Economic System

c)

Economical Benefit Model

d)

Economic Model

37.

the economic behavior and decision making by individuals and small businesses

a)

macroeconomics

b)

microeconomics

38.

the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

a)

economical benefits

b)

economic model

c)

economics

d)

macroeconomics

39.

YOUR individual budget for your life is an example of

a)

microeconomics

b)

macroeconomics

40.
Who is the father of economics?
a)
Marshall
b)
Ricardo
c)
Robbins
d)
Adam Smith
41.
Normative economics deals with:-
a)
What is?
b)
What are?
c)
What ought to be?
What ought to be?
d)
None of these.
42.
Which economics shows actual data and does not need value judgement?
a)
PPC
b)
MOC
c)
Positive Economics
d)
Normative economics
43.

Higher interest rates cause people to save more.

a)

Normative

b)

Positive

44.

People should save more.

a)

Normative

b)

Positive

45.

Government should tax the rich to help the poor.

a)

Normative

b)

Positive

46.

Unemployment is more harmful than inflation.

a)

Normative

b)

Positive

47.
Who was Adam Smith?
a)
Economic Philosopher which wrote "Rich Dad Poor Dad"
b)
Economic Philosopher which wrote "Just get out of the way"
c)
Economic Philosopher which wrote "The General Theory of Employment Interest and Money"
d)
Economic Philosopher which wrote "A Wealth Of Nations"
48.
the extra benefit of adding one unit 
a)
marginal benefit 
b)
marginal cost 
c)
cost/benefit analysis 
d)
thinking at the margin 
49.
Who or what answers the basic economic questions in a command economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
50.

Who or what answers the basic economic questions in a free market economy?

a)

Consumers and producers

b)

Government

c)

Custom

d)

Entrepreneurship

51.
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
52.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
53.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
54.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
d)
What to produce? How to produce? When to produce?
55.
________ is the most basic or fundamental economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
56.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
57.
Who is a consumer?
a)
A person who buys goods and services.
b)
A smart shopper
c)
A person who makes and sells goods and services.
d)
Someone who spends money constantly. 
58.

A Market Economy is based on?

a)

Goods and Services

b)

Goods and Products

c)

Supply and Demand

d)

Service

59.
What is a high price a signal for?
a)
government to enact price controls
b)
producers to offer less & consumers to buy more
c)
producers to offer more & consumers to buy less
d)
suppliers to reduce sales until prices peak
60.
When the quantity supplied is greater than the quantity demanded
a)
a shortage has occurred.
b)
a surplus has occurred.
c)
it doesn't mean anything.
d)
government intervenes.
61.
the term of market economy in which the productive resources are privately owned
a)
capitalism
b)
mixed economy 
c)
command economy 
d)
none of them
62.
The law of demand states that as the price increases then 
a)
quantity demanded increases
b)
quantity demanded decreases
c)
demand increases
d)
demand decreases
63.
The diagram represents a
a)
increase in demand
b)
decrease in demand
64.
Cost that incurred whether the business is operating or not
a)
total cost
b)
fixed cost
c)
variable cost
d)
marginal coast
65.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
66.
In a market economy, who decides on the prices of goods and services?
a)
government
b)
buyers and sellers
c)
firms
d)
local leaders
67.
A graphic representation of a demand schedule
a)
Demand
b)
Demand Curve
c)
Complement
d)
Substitute
68.
Profit= Total revenue - Total Cost
a)
True
b)
False
69.
What kind of table lists the quantity of a good that a person will buy at different prices? 
a)
market demand curve
b)
market demand schedule
c)
demand schedule 
d)
demand curve
70.
What does it mean when the demand for a good is inelastic?
a)
People will not buy the good when the price goes up
b)
a price increase has no significant impact on buying habits
c)
consumers are sensitive to the price of the good
d)
there are very few satisfactory substitutes for the good
71.

According to this schedule, the equilibrium price for pizza is:

a)

$3

b)

$2

c)

$1

d)

$6

72.

At equilibrium price:

a)

Quantity supplied = quantity demanded

b)

Price increases to soak up excess demand

c)

Price decreases to soak up excess supply

d)

Demand increases in response to the price of related goods

73.

The situation graphed here would be called:

a)

Equilibrium price

b)

Shortage

c)

Surplus

d)

Oaken's Trading Post

74.

At $1 there is a(n):

a)

Shortage

b)

Surplus

c)

Equilibrium

d)

Overload

75.

Every price higher than $3 would represent a(n):

a)

Surplus

b)

Shortage

c)

Equilibrium price

d)

Input cost

76.
According the law of demand, as P increases, QD __________.
a)
increases
b)
decreases
c)
stays the same
77.
What is not an example of a substitute?
a)
Train freight and truck freight
b)
Peanut butter and jelly
c)
Hershey's and Nestle chocolate
d)
Microsoft Word and Google Docs
78.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
79.
a chart that lists how much of a good a supplier will offer at various prices
a)
law of demand
b)
supply schedule
c)
demand schedule
d)
law of supply
80.
the incentive that drives individuals and business owners
a)
open opportunity
b)
competition
c)
profit motive
d)
economic freedom
81.
The price elasticity of demand measures how much
a)
quantity demanded responds to a change in price.
b)
quantity demanded responds to a change in income.
c)
price responds to a change in demand.
d)
demand responds to a change in supply.
82.
When replacing a certain item with with a less costly item is an example of
a)
the substitution effect 
b)
the income effect 
c)
demand elasticity 
d)
complements 
83.
Products that tend to be used together 
a)
complements 
b)
substitutes
c)
goods
d)
needs 
84.
Describes very little a change in demand with a large change in price 
a)
elastic 
b)
inelastic 
c)
demand curve 
d)
price 
85.
Products that can be used in a place of other products 
a)
substitutes 
b)
goods 
c)
substitution effect 
86.

If demand is inelastice, a small change in price has ________________ on how much people will buy it.

a)

very little affect

b)

a large affect

87.

If the selling price of a good rises, what is the relationship with the quantity supplied?

a)

none

b)

the quantity supplied will decrease

c)

companies will begin to produce more

88.

a measure of the way a quantity supplied reacts to a change in price

a)

law of supply

b)

elasticity of supply

c)

subsidy

d)

marginal cost

e)

marginal revenue

89.

Which of the following is NOT a Market Structure?

a)

Perfect Competition

b)

Oligopoly

c)

Monopoly

d)

Corporation

90.
Which market structure involves selling identical products?
a)
Perfect Competition
b)
Monopolistic Competition
c)
Oligopoly
d)
Monopoly
91.

Using the pizza store graphic, what market structure best fits the pizza industry?

a)

Monopoly

b)

Oligopoly

c)

Perfect competition

d)

Monopolistic competition

92.

Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?

a)

Monopoly

b)

Oligopoly

c)

Perfect competition

d)

Monopolistic competition

93.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
94.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
95.
In which market structure is there the MOST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
96.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
97.
List the four market structures in order from least competitive to most competitive.
a)
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
b)
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
c)
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
d)
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
98.
In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners?
a)
corporation
b)
partnership
c)
proprietorship
d)
S corporation
99.
The easiest form of business to start and end is a(n)
a)
limited liability partnership
b)
S corporation
c)
franchise
d)
proprietorship
100.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
101.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
102.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
103.
Which of the following is an advantage of the corporation as a form of business ownership:
a)
Less complex requirements
b)
Separate owners and managers
c)
Limited liability
d)
High Taxes
104.
The owners of a corporation are called
a)
Directors
b)
Partners
c)
Shareholders
d)
Founders
105.
Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? 
a)
Consumer – a person who uses or consumes goods
b)
 Partnership –  partner in the lemonade stand
c)
Entrepreneur-  - person who takes a risk to start a new company
106.
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
a)
corporation
b)
partnership
c)
proprietorship
107.
Which market has no competition?
a)
perfect competition
b)
oligopoly
c)
monopoly
d)
monopolistic competition
108.
The MOST LIKELY reason for an entrepreneur to start a new business is 
a)
to make a profit.
b)
to risk financial failure.
c)
to create a new social benefit.
d)
to discover a new product.
109.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
110.
Bernice owns her own local gift shop. She acquired the necessary loans to open it, assumes all the financial risk herself, and makes all the decisions. It sounds like Bernice's business is a/an
a)
partnership
b)
franchise
c)
corporation
d)
sole proprietorship

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