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Practice Final ECON

Total questions: 75

Worksheet time: 38mins

Name
Class
Date
1.
Economics is the study of the making, buying, and selling of ______________ or ________________. 
a)
Economics is the study of the making, buying, and selling of goods or services.
b)
Economics is the study of the making, buying, and selling of products and reselling for higher prices.
c)
Economics is the study of the making, buying, and selling of crops to community markets.
d)
Economics is the study of the making, buying, and selling.
2.

What is economics?

a)

The study of shapes

b)

scarcity

c)

The study of the choices people make when making purchases

d)

push and pull factors

3.
A person or organization that uses a product or service is a(n):
a)
consumer
b)
economist
c)
loan shark
d)
debtor
4.
House: Goods or Service?
a)
Goods
b)
Service
5.
Doctor: Goods or Service?
a)
Goods
b)
Service
6.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
7.

What is a want?

a)

Someone who wants someone else

b)

Something you would like to have but don't need to live

c)

Something you need and want

d)

Something you need to live

8.
What do you need to produce other goods and services?
a)
consumer goods
b)
capital goods
c)
nondurable goods
d)
Gross Domestic Product (GDP)
9.
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.
10.
Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.
a)
scarcity
b)
needs
c)
wants
d)
microeconomics
11.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue 
12.

Someone who provides a good or a service is a

a)

Human

b)

Consumer

c)

Producer

d)

Henry Ford

13.

Scarcity is when

a)

there is a low supply of a product

b)

there is too much of a product

c)

no one wants a product

d)

someone scares you

14.

Workers are paid _______ for the work they do.

a)

profits

b)

wages

c)

dollars

d)

overhead

15.

A form of trade in which goods and services are traded for something other than money is called

a)

gypsy trading

b)

bribing

c)

goods

d)

bartering

16.

Someone who buys a good or a service is

a)

lazy

b)

a consumer

c)

a producer

d)

an entrepreneur

17.

Profit is

a)

the money left over after all the business overhead has been paid

b)

the money given to workers for doing their job

c)

a well-fitting suit

d)

the money someone has in their bank

18.

To ___________ means to buy goods and services from sellers in other countries.

a)

import

b)

export

c)

trade

d)

barter

19.

To __________ means to sell goods and services to other countries.

a)

import

b)

export

c)

trade

d)

barter

20.

An example of of a variable cost item

a)

Electricity

b)

Rent

c)

Insurance

21.
Things that are made and used are
a)
goods
b)
profits
c)
consumers
d)
services
22.
The act of using goods and services is called...
a)
production
b)
consumption
c)
economics
d)
charity
23.

Things that people get paid to do for others are

a)

goods

b)

profit

c)

services

d)

favors

24.
Choosing  one thing over another  another because you cannot afford both is called
a)
opportunity knocks
b)
opportunity cost
c)
octopus
d)
optional
25.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional 
b)
Market 
c)
Command 
d)
Centrally Planned 
26.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 
a)
desire
b)
demand
c)
supply
d)
scarcity
27.
In a command economy, who holds power over the economy?
a)
The people
b)
The government 
c)
Beyonce
d)
The traditions of your ancesetors 
28.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
29.
The United States economy is based on this system:
a)
Command
b)
Market
c)
Traditional
d)
Socialist
30.
This system only can exist in small, more isolated societies today.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
31.
Which of the following is largely responsible for the growth of a free enterprise system?
a)
Government
b)
GDP
c)
Profit Motive
d)
Market Efficiency 
32.
The four factors of production are land, labor, capital, and _______ .
a)
Entrepreneurs
b)
Franchises
c)
Inflation
d)
the Government
33.
What is the best measure of the economic well-being of a country?
a)
net worth
b)
GDP
c)
open market value of goods
d)
the daily stock market performance
34.
Private property is a feature of the modern American economy?
a)
True
b)
False
35.
Who owned everything under communism?
a)
Wealthy people
b)
The secret police
c)
The government
d)
The poor people
36.
Which government's source of power rests in a religious text or ruler?
a)
Theocracy 
b)
Democracy
c)
Dictatorship
d)
Anarchy
37.
One of the important parts of economics is interdependence. Which of the following is an example of interdependence?
a)
People make their own clothing.
b)
People often move to places that aren't as crowded.
c)
People need goods and services provided by other people.
d)
People grow their own food.
38.
Trade is the exchange of goods and services. International trade sometimes involves the use of tariffs. Tariffs are __________.
a)
a tax on imports
b)
goods shipped to a country
c)
a tax on exports
d)
goods shipped from a country
39.
Supply and demand affect goods and services in an economy. If people decide to buy more of a product, producers will MOST likely decide to ________.
a)
make more of the product
b)
change the name of the product
c)
make less of the product
d)
lower the cost of the product
40.
Since the United States trades products with many countries, American consumers ________.
a)
only buy products in other countries
b)
have a better selection of goods and services
c)
have fewer choices of goods and services
d)
only buy products made in the United States
41.
The Bank of Kent County gave Amy a loan to buy a new car. When Amy repays the loan, she will pay the bank ________.
a)
the exact amount she borrowed
b)
a little less than she borrowed
c)
the amount she borrowed plus interest
d)
whatever amount she feels she can afford
42.

What are the two strands of economics?

a)

Microeconomics and Macroeconomics

b)

Small and big economics

c)

Land, labour, capital, enterprise

43.

What is opportunity costs?

a)

Opportunity to gain money

b)

The labour provided to create a product

c)

Second choice or alternative choice

d)

Supply and demand

44.

What is a market economy?

a)

Where everyone is equal

b)

Consumers influence the types of goods and services

c)

The government are involved with everything

d)

Environment is important

45.

What is a planned economy?

a)

Government decides how resources can be used

b)

Consumers decide the goods and services

c)

Communism

d)

Socialism

46.

Who are the players in our economy

a)

People, planet, profit

b)

Consumers, government, businesses and financial institutions

c)

Karl Marx, Adam Smith, John Keyes

d)

Land, labour, capital, enterprise

47.

Prices are rising, Optimistic outlook.

a)

Bull Market

b)

Bear Market

48.

A _____________is considered to end when prices increase 20% from market Low.

a)

Bull Market

b)

Bear Market

49.

Which is mainly composed of stocks in the NYSE?

a)

Dow Jones Industrial Average

b)

NASDAQ

c)

S&P 500

50.

The average inflation rate is around

a)

3%

b)

7%

c)

10%

d)

5%

51.

Placing a _____________ means that you want to buy the stock as soon as possible, at whatever the market price is.

a)

Market Order

b)

Limit Order

c)

Stop Market Orders

d)

Trailing stop Order

52.
In the Bull Market what are the prices of goods and the attitudes of investors like?
a)
Falling and Optimistic
b)
Rising and Optimistic
c)
Falling and Pessimistic
d)
Rising and Pessimistic
53.
In the Bear Market what are the prices of goods and the attitudes of investors like?
a)
Falling and Optimistic
b)
Rising and Optimistic
c)
Falling and Pessimistic
d)
Rising and Pessimistic
54.
Who will be the first to sell their products?
a)
Most Eager Seller
b)
Most Eager Buyer
c)
Least Eager Buyer
d)
Least Eager Seller
55.
A piggy bank is an example of...
a)
Saving Capital
b)
Investing Capital
c)
Consuming Capital
d)
Accumulating Capital
56.
What do we call a person who is willing to take the risks of starting a business in order to make a profit?
a)
Proprieter
b)
Partner
c)
Entrepreneur
d)
Incorporater
57.
Imagine you decide to purchase a soccer ball for $35. Which of the following is an opportunity cost of your decision?
a)
the time spent deciding to spend your money
b)
something else that could have been bought
c)
$35 cash
d)
the time spent making the purchase and the tax paid on the ball
58.

Economic choices are made in the context of weighing

a)

Costs & Benefits

b)

Supply & Demand

c)

Buying & Selling

d)

Money & Time

59.
What is an official ban on trade or other commercial activity with a particular country?
a)
Tariff
b)
Product standard
c)
Embargo
d)
Quota
60.
_______________ father of economics, wrote the wealth of nations, and believed in a concept known as the invisible hand. 
a)
Adam Smith
b)
David Ricardo
c)
Thomas Malthus
61.
____________  supply & demand determines what gets produced
a)
Free Market Economy
b)
Closed Economy
c)
Socialism
62.

_____________________ study of production, employment, prices, and policies (will unemployment rise if there is an increase in taxes)

a)

Macroeconomics

b)

Microeconomics

c)

Opportunity Cost

63.

Scarcity forces people to_____________________

a)

Make Choices

b)

satisfy all their wants and needs

c)

Give up opportunity cost

64.

My grandfather traded a cow for six chickens and a hen. This is an example of _____________.

a)

barter

b)

import

c)

export

d)

embargo

65.

My father owns a factory that makes shoes. He makes the coolest boots. Everyone wants his boots. He exports thousands of pairs of boot each year. My father is an ______.

a)

consumer

b)

agricultural worker

c)

entrepreneur

d)

resource officer

66.

My Mother always takes me Christmas Shopping. We shop and shop. I love buying gifts for everyone. This make us ______________.

a)

consumers

b)

industrialists

c)

entrepreneurs

d)

tired

67.

Why are coal, silver, and oil considered natural resources?

a)

They are a person's education.

b)

They are tools used in a business.

c)

They are a person's training.

d)

They are found naturally in the earth.

68.

The total money value of all goods and services produced in a country in one year is its ____________.

a)

Gross Dumestic Prices

b)

Grand Domestic Places

c)

Gross Domestic Prices

d)

Gross Domestic Product

69.

These are the tools and resources used to run a business.

a)

stuff I need

b)

human capital

c)

capital goods

d)

natural resources

70.

All the people who are working in a country are part of its __________________.

a)

labor force

b)

unemployment rate

c)

literacy rate

d)

life expectancy

71.

Why would a country choose to trade with countries closest to them?

a)

cheaper, faster, easier

b)

they like them best

c)

They can't speak the language

d)

more expensive, more difficult, and slower

72.

_________________is a synonym for factories.

a)

continuum

b)

agriculture

c)

industry

d)

consumer

73.

_______________________________are a trade barrier where a number limit is placed on items.

a)

tariff

b)

quota

c)

embargo

d)

import

74.

The ratio of the number of people without jobs in a country is the ___________________.

a)

standard of living

b)

unemployment rate

c)

labor force

d)

literacy rate

75.

How well or how poorly a person is able to live in a certain country is ___________________________.

a)

poverty line

b)

unemployment rate

c)

population

d)

standard of living

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