wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Econ Final Review

Total questions: 129

Worksheet time: 3hrs 11mins

Name
Class
Date
1.

Macroeconomics is a study of ___________________.

[Makroekonomi adalah kajian tentang ______________.]

a)

A. The behavior of individual firms

b)

B. The entire economy

c)

C. General price level

d)

D. Government units

2.

The​ ​Consumer​ ​Price​ ​Index​ ​(CPI)​ ​can​ ​be​ ​defined​ ​as

a)

The​ ​market​ ​value​ ​of​ ​all​ ​final​ ​goods​ ​and​ ​services

b)

A​ ​measure​ ​of​ ​inflation​ ​based​ ​on​ ​the​ ​cost​ ​of​ ​a​ ​fixed​ ​“market​ ​basket”

3.
Inflation is measured by...
a)
Consumer Price Index (CPI).
b)
Gross National Product (GNP).
c)
Gross Domestic Product (GDP).
d)
Securities & Exchange Commission (SEC).
4.

A pair of shoes that costs $80 last month costs $100 this month. Which of the following BEST describes this economic condition?

a)

inflation

b)

recession

5.
The central bank in the USA that regulates the monetary system
a)
The Fed
b)
FDIC
6.

The percentage of a deposit that a bank must hold on to is called the ______.

a)

Reserve Requirement

b)

Credit

7.

When a bank makes a loan of $1,000, then

a)

the money supply increases by $1,000

b)

the money supply decreases by $1,000

c)

nothing

d)

the bank owes the FED $1,000

8.
All of the following are points on the business cycle EXCEPT
a)
Peaks
b)
Troughs
c)
Expansion
d)
GDP
9.
Where on the business cycle would you find the highest unemployment?
a)
A
b)
B
c)
C
d)
D
10.
What can the government do to give a boost to a slowing economy? 
a)
raise taxes
b)
lower taxes
c)
increase interest rates
11.
Who is most likely to be hurt by inflation?
a)
someone who borrowed money
b)
a retiree on a fixed income
c)
a business owner
d)
the U.S. government
12.
What type of unemployment did people experience during the Great Depression?
a)
Seasonal
b)
Structural/Technological
c)
Cyclical
d)
Frictional
13.
What causes cost push inflation
a)
An increase in demand for goods and services
b)
An increase in supply
c)
A rise in production costs passed on to consumers
d)
A fall in the price of imports
14.
What causes demand pull inflation?
a)
rise in price due to a decrease in supply
b)
a rise in price level due to an increase in consumption
c)
a rise in price due to an increase in the cost of production
d)
a decrease in price due to a decrease in supply
15.
What type of inflation is good for the economy?
a)
Hyperinflation
b)
Stagflation
c)
Creeping Inflation
d)
Deflation
16.
A literary editor leaves her job in New York to look for a new job in San Francisco.
a)
Frictional
b)
Cyclical
c)
Structural
d)
Not counted
17.
An unemployed college graduate is looking for his first job.
a)
Frictional
b)
Cyclical
c)
Structural
d)
Not counted
18.
Seth is laid off from work because he is a life guard at the local water park. He is experiencing what kind of unemployment?
a)
Structural
b)
Seasonal
c)
Frictional
d)
Cyclical
19.
Slumping sales lead to the cashier being laid off.
a)
Frictional
b)
Cyclical
c)
Structural
d)
Not counted
20.
Which of the following type of spending do not fall under GDP? 
a)
Investment 
b)
Government 
c)
Imports
d)
Consumer
21.
In the business cycle, growing G.D.P. and inflation are signs of a recession.
a)
True
b)
False
22.
Unemployed plus employed 
a)
Unemployed
b)
Unemployment Rate
c)
Labor Force
d)
Total Population
23.
The general increase in the price of goods and services 
a)
Retention 
b)
Gross Domestic Product
c)
Unemployment
d)
Inflation
24.
Someone without a job, but looking 
a)
Frictional Unemployment
b)
Structural Unemployment
c)
Discouraged Workers
d)
Unemployed
25.
Unemployment caused by lack of skills or demand 
a)
Structural Unemployment
b)
Frictional Unemployment
c)
Seasonal Unemployment
d)
Discouraged Workers
26.
is a way to illustrate how a regular group of goods and services changes over time.​
a)
Consumer Price Index
b)
Final Goods 
c)
Market Basket
d)
Durable Goods
27.
Which of these is the BEST definition of GDP?
a)
a description of the quality of life in a nation
b)
average value of production of intermediate goods
c)
a collection of all government assets that could earn money
d)
market value of all goods and services produced in a country
28.
Which result occurs when federal government expenditures are greater than the federal government's total receipts?
a)
reduced net exports
b)
increased excise taxes
c)
a federal budget surplus
d)
a federal budget deficit
29.
The federal government uses government spending and tax rates to help control recessions and encourage economic activity. This is called
a)
fiscal policy
b)
monetary policy
c)
supply-side economics.
d)
open market operations.
30.
The process by which the Federal Reserve controls the supply, availability, and cost of money in order to keep the economy stable is
a)
fiscal policy
b)
monetary policy
c)
interest rate
d)
reserve requirement
31.
When the Federal Reserve sells government securities on the open market, what effect does this action have on the nation’s money supply and interest rates?
a)
Money Supply - Decreases / Interest Rates - Increase
b)
Money Supply - Increases / Interest Rates - Increase
c)
Money Supply - Decreases / Interest Rates - Decrease
d)
Money Supply - Increases / Interest Rates - Decrease
32.
What is the name of the "central bank" of the United States?
a)
Bank of the U.S.
b)
The Federal Reserve
c)
U.S. Congressional Bank
d)
The Federal Bank of America
33.
The Federal Reserve wants to increase the money supply in the United States. What is the Federal Reserve likely to do to accomplish this?
a)
reduce the discount rate
b)
sell securities on the open market
c)
increase the reserve requirement for banks
d)
require banks to hold a reserve for all types of deposits
34.
Which pairs of operations BEST fit with fiscal policy?
a)
government spending and taxation
b)
taxation and open market operations
c)
discount rate and government spending
d)
open market operations and discount rate
35.
If the federal government wants to encourage businesses and consumers to spend more money, it would MOST LIKELY
a)
increase the tax rate.
b)
decrease the tax rate.
c)
increase the reserve requirement.
d)
decrease government spending on goods and services.
36.
The​ ​Consumer​ ​Price​ ​Index​ ​(CPI)​ ​can​ ​be​ ​defined​ ​as
a)
The​ ​market​ ​value​ ​of​ ​all​ ​final​ ​goods​ ​and​ ​services
b)
A​ ​measure​ ​of​ ​inflation​ ​based​ ​on​ ​the​ ​cost​ ​of​ ​a​ ​fixed​ ​“market​ ​basket”
c)
​The​ ​rise​ ​and​ ​fall​ ​of​ ​economic​ ​activity​ ​relative​ ​to​ ​the​ ​long-term​ ​growth​ ​trend
d)
​A​ ​decline​ ​in​ ​total​ ​production​ ​lasting​ ​at​ ​least​ ​two​ ​consecutive​ ​quarters
37.
The​ ​increase​ ​in​ ​unemployment​ ​caused​ ​by​ ​the​ ​recession​ ​phase​ ​of​ ​the​ ​business​ ​cycle​ ​is  ​ ​​ ​​ ​​ ​​ ​called 
a)
Frictional​ ​unemployment
b)
Structural​ ​unemployment 
c)
Cyclical​ ​unemployment 
d)
Seasonal Unemployment
38.
If​ ​the​ ​economy​ ​is​ ​in​ ​a​ ​recession,​ ​which​ ​policy​ ​would​ ​Congress​ ​want​ ​to​ ​enact​ ​to​ ​fix​ ​the  ​ ​​ ​​ ​​ ​​ ​​ ​problem? 
a)
expansionary monetary policy
b)
contractionary monetary policy
c)
expansionary fiscal policy
d)
contractionary fiscal policy
39.

Which is the Fed MOST likely to do in the event of a recession?

a)

Raise the discount rate

b)

Raise interest on reserves

c)

Buy treasury bonds on the open market

d)

Sell treasury bonds on the open market

40.

Which term is used to describe a situation where most people who are looking for work are able to find a job?

a)

Full employment

b)

Seasonal unemployment

c)

Frictional unemployment

d)

Cyclical unemployment

41.

Mr. Skinner has quit his job in order to look for another one. Mr. Skinner

a)

is cyclically unemployed

b)

is frictionally unemployed

c)

is structurally unemployed

d)

is not counted as part of the labor force

42.

Gross Domestic Product is a method for calculating how much a country produces by adding which four spending categories?

a)

Wages, Rent, Interest, Dividends

b)

Consumption, Investment, Government, Business Revenues

c)

Consumption, Interest Rates, Government, Net Exports

d)

Consumption, Investment, Government, Net Exports

43.

Which of these is MOST LIKELY to occur after the government increases taxes?

a)

Annual deficits increase

b)

The national debt increases

c)

Consumer spending decreases

d)

Government programs decrease

44.

Over a three year period, the United States experienced an increase in the real GDP, low inflation, and a declining unemployment rate. For this period, the United States

a)

was in an economic trough

b)

was in a stagnant economic period

c)

appeared to be entering a recession

d)

was in the middle of an economic peak

45.

What is GDP?

a)

The total goods and services made in a country in a year

b)

A portion of the goods and services made in a country in a year

c)

The total goods and services made in a country in a month

46.

What is the difference between real and nominal GDP?

a)

Real GDP = adjusted for inflation; Nominal GDP = not adjusted for inflation

b)

Nominal GDP = adjusted for inflation; Real GDP = not adjusted for inflation

c)

They are the same thing

47.

A recession is....

a)

A short term downfall of economic activity

b)

A long term downfall of economic activity

c)

A general increase in economic activity

48.

A depression is...

a)

A short term downfall of economic activity

b)

A long term downfall of economic activity

c)

A general increase in economic activity

49.
The primary role of the Federal Reserve Bank is to steer the economy by
a)
controlling the budget
b)
setting spending levels.
c)
controlling the money supply.
d)
loaning out money.
50.
Inflation is measured by...
a)
Consumer Price Index (CPI).
b)
Gross National Product (GNP).
c)
Gross Domestic Product (GDP).
d)
Securities & Exchange Commission (SEC).
51.

Increasing reserve requirements is used to...

a)

fight recession.

b)

stop inflation.

52.

Fiscal policy aims to influence the economic activity through the use of

a)

money supply and interest rate.

b)

exchange rate.

c)

government spending and taxation.

d)

direct and indirect taxation.

53.

To promote higher economic growth, the best way is to

a)

decrease government spending and increase taxation.

b)

decrease government spending and decrease taxation.

c)

increase government spending and decrease taxation.

d)

increase government spending and increase taxation.

54.
Which of the following are responsible for making fiscal policy decision? 
a)
The President and Congress
b)
The Federal Reserve System
c)
The National Council of Economic Advisors
d)
The commerce Department
55.
Congress cutting taxes is an example of ....
a)
Fiscal Policy
b)
Monetary Policy
56.
A budget deficit occurs when...
a)
The government brings in more revenue than it spends for a given year
b)
The government spends more money than it brings in for a fiscal year
57.

Which is the Fed MOST likely to do in the event of a recession?

a)

Raise the discount rate

b)

Raise interest on reserves

c)

Buy treasury bonds on the open market

d)

Sell treasury bonds on the open market

58.

The ups and downs that the nation's economy goes through are officially referred to as

a)

expansion

b)

the business cycle

c)

a roller coaster

d)

economic madness

59.
What is Federal Income Tax?
a)
Funds the Disney Corporation with money it needs to operate. 
b)
Money that supports the Executive, Legislative, and Prejudicial branch of the government.
c)
A tax that supports the air traffic navy platoon system, the national board of realtors as well as the web of excessive disproportionate growth. 
d)
A tax that supports the federal governmen all its systems, highway construction and the military. 
60.
What is Medicare
a)
A retirement supplement program
b)
A VA benefits program
c)
A program for Low-Income Families
d)
A medical program for senior citizens
61.
What is Property Tax
a)
Tax on Land, Vehicles and Property
b)
Tax on Government Buildings
c)
Tax on Businesses
d)
Tax on Educators
62.

Which of the following is FALSE about the W-2 form?

a)

The W-2 is sent out in April of every year

b)

It lets you know how much you earned last year

c)

It lets you know how much was withheld from your paychecks

d)

You get 1 W-2 form every year, even if you had multiple jobs

63.

What do you need to file your 1040 or 1040EZ form?

a)

Your W-2

b)

Your W-4

c)

Your prior year's tax return

d)

Social Security Number

64.

Louis's dad pays a tax to the federal government each year based off the money he earns from his lawn mowing business. What type of tax does Louis's dad pay each year?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

65.

Your parents pay a tax each year of $3500 that is based off the value of your home. Which type of tax do your parents pay each year?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

66.

Jake wants to purchase a video game for $10. Jake hands the cashier a $10 bill plus two $1 bills for tax. What tax is Jake paying?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

67.

Which of the following is NOT a Market Structure?

a)

Perfect Competition

b)

Oligopoly

c)

Monopoly

d)

Corporation

68.
Which market structure involves selling identical products?
a)
Perfect Competition
b)
Monopolistic Competition
c)
Oligopoly
d)
Monopoly
69.

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

70.
How many firms are there in a perfect competition?
a)
1
b)
2-5
c)
Many
71.
Why does no one firm dominate in a perfect competition?
a)
No firm wants to
b)
Each firm sells to different people
c)
Each firm produces so little of the total supply that they cannot influence prices
d)
One firm will eventually dominate and make it a monopoly
72.
Factors that make it difficult for new firms to enter a market are called
a)
Barriers to entry
b)
Factors of production
c)
Limited supply
d)
Monopolistic Outlook
73.
How many firms are there in a monopoly?
a)
1
b)
2-5
c)
Many
74.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
75.
Businesses can "Collude" or work together to set prices
a)
Oligopoly
b)
Monopoly
c)
Perfect Competition
76.
A market structure characterized by firms producing similar product with easy entry into the market
a)
Perfect Competition
b)
Monopolistic Competition
c)
Monopoly
77.
Choose the example that goes best with an oligopoly.
a)
apples
b)
cell phone providers
c)
utilities
d)
clothing
78.
Which is NOT a characteristic of a monopoly?
a)
Seller sets the market price
b)
Entry into the market is easy
c)
Firm sells a unique product
d)
One seller
79.

A market that has a few sellers of basically the same goods.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

80.

Firms in this kind of market produce goods that are very close substitutes.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

81.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
82.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
83.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
84.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
85.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
86.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
87.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
88.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
89.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
90.
Legal maximum that can be charged for a good.
a)
price ceiling
b)
excess demand
c)
equilibrium
d)
disequilibrium
91.
When quantity supplied is greater than the quantity demanded, what is the condition know as?
a)
abundant supply
b)
disequilibrium
c)
excess availability
d)
excess supply.
92.
A sharp rise in the price of Doritos may lead to an increase in the demand for
a)
salsa
b)
hamburgers
c)
Cheetos
d)
napkins
93.
What would cause the demand to move along the demand curve instead of shifting it right or left? 
a)
price
b)
income
c)
preferences
d)
expectations
94.
What will happen in relation to demand for swimsuits if the weather is sunny and beautiful? 
a)
the demand curve shifts to the left
b)
the demand curve becomes flatter
c)
the demand curve shifts to the right
d)
the demand curve becomes steeper
95.
Supply depends on the willingness and ability of 
a)
donors to contribute
b)
advertisers to promote
c)
producers to sell
d)
consumers to purchase
96.
The degree to which the quantity demanded responds to changes in price is called
a)
elasticity
b)
revenue
c)
schedule
d)
utility
97.
Which of these best describes market equilibrium? 
a)
the price of Pepsi does not vary much from week to week 
b)
Pepsi production provides a good profit for the manufacturer
c)
everyone who wants Pepsi can easily afford to buy it 
d)
the amount of Pepsi for sale matches the amount that people want to buy
98.
What event in the midwest would shift the supply curve for corn to the left? 
a)
an influx of new low-wage workers
b)
a thunderstorm with large hail
c)
evidence that corn improves athletic ability
d)
a study stating that corn causes heart disease
99.
EP?
a)
$2
b)
$4
c)
$6
d)
$8
100.
EQ?
a)
10
b)
20
c)
30
d)
40
101.
a)
The green line is the equilibrium
b)
The green line is the supply curve
c)
The green line is a price ceiling
d)
The green line is a price floor
102.
Price ceilings create a(n)... 
a)
shortage
b)
surplus
c)
equilibrium
d)
shift in the supply curve
103.

What is the primary concern of economics?

a)

money allocation

b)

stock market fluctuations

c)

production

d)

scarcity

104.

What does opportunity cost measure?

a)

the value of the next best alternative

b)

the value of all alternatives not taken

c)

the value of the alternative taken

d)

your hourly wage rate

105.
The study of economics is primarily concerned with:
a)
demonstrating that capitalistic economies are superior to socialistic economies. 
b)
determining the most equitable distribution of society's output.
c)
keeping private businesses from losing money.
d)
choices/decisions that are made due to lack of resources
106.
What is the major difference between scarcity and a shortage? 
a)
They are really the same
b)
Shortages always exist and scarcity is temporary 
c)
Shortages are temporary and scarcity always exist. 
d)
Scarcity is limited and shortages are unlimited 
107.
If you pay $5,000 a year in tuition and give up $20,000 a year of income to attend college, then the yearly opportunity cost of college is: 
a)
only $5,000 of tuition. 
b)
$20,000 of foregone income.
c)
Nothing, because people with college degrees earn more money that those with just high school diplomas 
d)
less than $20,000 and more than $5,000.
108.
Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources/factors of production?
a)
Land 
b)
Labor  
c)
Capital  
d)
Entrepreneurship
109.
What is the fundamental problem that economics deals with?
a)
labor costs
b)
scarcity
c)
economic interdependence
d)
market fluctuation
110.
Opportunity Cost is best defined as
a)
the value of the next best alternative that is given up due to the choice you made 
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 
111.
Soil, minerals, air, water, and coal are all examples of which factor of production? 
a)
entrepreneurship
b)
capital
c)
labor
d)
land
112.
ALL THE ALTERNATIVES we give up whenever we make a choice
a)
Labor
b)
Deductions
c)
Trade Offs
d)
opportunity cost
113.
Land, Labor, Capital, and Entrepreneurship 
a)
Diversification
b)
Deductions
c)
Portfolio
d)
Factors of Production 
114.
Apple is releasing a new iPhone that is predicted to change the cell phone world.  Millions of people have pre-ordered it.  What do you think will happen to their stock?
a)
It is likely to go up.
b)
It is likely to go down.
115.
You decide that you want to invest a little bit of money in Apple stock.  But in order to do that you need to figure out their stock symbol.  What is the symbol that Apple uses on the stock market?  Use the image to help you figure it out.
a)
AAPL
b)
APPLE
c)
IPHONE
d)
STEVEJOBS
116.
Approximately how much money was one share of Apple selling for last night?  Use the image to help you.
a)
213.05
b)
113.05
c)
33.05
d)
13.05
117.
You have $250 that you are willing to invest in Apple's stock.  If Apple's stock is selling for $113.05 a share, how many shares could you buy?
a)
1
b)
2
c)
3
d)
4
118.
Over the course of the day, the head of Apple's company is imprisoned for not paying his taxes.  What do you think will happen to Apple's stock?
a)
It will go up.
b)
It will go down.
119.
A company owned by families or a small number of investors and do not issue stock to the public.
a)
public company
b)
industry
c)
private company
d)
portfolio
120.
The highest price and lowest price of a stock over a 52 week period.
a)
beta
b)
profit
c)
volume
d)
52 week range
121.
Represents shares of ownership in a company.
a)
stock
b)
portfolio
c)
volume
d)
industry
122.
A company that sells stock on the stock market.
a)
private company
b)
market capitalization
c)
public company
d)
stock market
123.
A sum of money paid to shareholders of a corporation out of its earnings.
a)
index
b)
dividend
c)
profit
d)
invest
124.
The total holdings of stock by a financial institution or a private investor.
a)
index
b)
portfolio
c)
stock market
d)
industry
125.
The total current market value of all outstanding shares of a company.
a)
beta
b)
volume
c)
market capitalization
d)
dividend
126.
A particular market where stocks and bonds are traded.
a)
market capitalization
b)
portfolio
c)
stock market
d)
shareholder
127.
A holder or owner of stock in a company or corporation.
a)
stock market
b)
shareholder
c)
portfolio
d)
industry
128.
The total number of shares traded in a given day.
a)
beta
b)
profit
c)
loss
d)
volume
129.
Which are the safest investment even though the interest may not be high?
a)
U.S. Treasury notes
b)
common stock
c)
corporate bonds
d)
preferred stocks

Similar Resources on Wayground

U.S.Government Unit 1 Review Quizizz

130 questions

U.S.Government Unit 1 Review Quizizz

quiz

Worksheet

•

12th Grade

Govt R Unit 1 review

125 questions

Govt R Unit 1 review

quiz

Worksheet

•

12th Grade

Preguntas del salon APyCP

130 questions

Preguntas del salon APyCP

quiz

Worksheet

•

12th Grade - Professi...

2025/2026 Semester 2 exam review

125 questions

2025/2026 Semester 2 exam review

quiz

Worksheet

•

12th Grade

Consumer Economics Review Final Exam Sem 1 2018-19

125 questions

Consumer Economics Review Final Exam Sem 1 2018-19

quiz

Worksheet

•

12th Grade

Maps/Dates/Essential Info

129 questions

Maps/Dates/Essential Info

quiz

Worksheet

•

12th Grade

Quiz Pháp Luật 12

132 questions

Quiz Pháp Luật 12

quiz

Worksheet

•

12th Grade

economics 1st 9 weeks review

126 questions

economics 1st 9 weeks review

quiz

Worksheet

•

12th Grade