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Review for IA 2_Economics

Total questions: 59

Worksheet time: 3575secs

Name
Class
Date
1.

Which of these is a way to increase productivity?

a)

Requiring employees to write reports at the end of each day

b)

Investment technology that allows the product to be produced faster

c)

Increase the price of a product

d)

Selling the product on the factor market instead of the product market.

2.

Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?

a)

studying for a quiz

b)

watching TV

c)

eating dinner

d)

taking a nap

3.

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

a)

Time

b)

Money

c)

Food

d)

Oil

4.
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
5.
Deals used to motivate buyers. 50% off, coupons, etc.
a)
incentives
b)
supply
c)
price
d)
consumer sovereignty 
6.
Tax on imported goods is ___________
a)
a tariff
b)
a quota
c)
an embargo
d)
the reason we can't have nice things
7.
When we completely stop trading with another country, it's called ____________________
a)
a tariff
b)
a quota
c)
an embargo
d)
a hissy fit
8.
385. Which might make an embargo against a country successful?
a)
Merchants are able to continue doing business.
b)
People in the country are not affected by the embargo.
c)
The country does not need to trade with other countries.
d)
The citizens in the country suffer because of the embargo and demand a change from their government.
9.

I decided to attend a specialty high school that offered experience in fixing cars so I could be an auto mechanic when I get older. I’ve wanted to be one since I was a little kid. This is an example of which economic goal?

a)

security

b)

equity

c)

stability

d)

freedom

10.

I love the supermarket in my neighborhood. They always have what I need, and everything is so reasonably priced. It helps me keep to my budget, which helps me have money to pay my rent every month. This is an example of which economic goal?

a)

stability

b)

freedom

c)

growth

d)

security

11.

_______________ would be an example of a modern mixed economy. (select all that apply!)

a)

Germany

b)

The United States

c)

North Korea

d)

Brazil

12.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
13.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
14.
What does this graph show?
a)
Shortage
b)
Surplus
c)
Supply Table
d)
Equilibrium
15.
If a price floor was set at 320, what quantity would be purchased?
a)
20
b)
40
c)
60
d)
80
16.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
17.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
18.
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
a)
The price will go up.
b)
The price will go down.
19.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
20.
The new Star Wars movie is coming out today!  All of the shows are sold out, but your neighbor is selling his tickets because he can't go.  A lot of people in your neighborhood want to buy the tickets.  What will happen to the price of the tickets?
a)
The price will go up.
b)
The price will go down.
21.
What factor could have caused the demand to decrease?
a)
incomes increased
b)
expectation that prices will increase 
c)
a decrease in the price of a substitute 
d)
increase in market size
22.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
23.
What is the government controlled price ceiling on apartment prices called?
a)
floor pricing
b)
rent control
c)
equilibrium level
d)
rent monitoring
24.
Why does the government place price ceilings on some "essential" goods?
a)
to prevent inflation during to reduce supply for these goods
b)
to keep business people from making large profits
c)
to keep the goods from becoming too expensive
d)
to reduce demand for these goods
25.
Which of these is NOT a monetary policy tool?
a)
Discount rate
b)
Balance Accounts
c)
Open Market Operation
d)
Reserved Requirements
26.
Selling bonds
a)
increases money supply
b)
decreases money supply
27.
Buying bonds
a)
increases money supply
b)
decreases money supply
28.
High reserve requirements 
a)
lower the money supply
b)
increase the money supply
29.
What is an action of monetary policy?
a)
reduce taxes
b)
changing reserve requirements
c)
increase spending
d)
borrow money for deficit
30.
What happens to the money circulation, when the FED orders a tight money policy?
a)
more money is put out into circulation
b)
less money is put into circulation
c)
circulation stays the same
d)
interest rates rise
31.
The central bank in the USA that regulates the monetary system
a)
The FED
b)
FDIC
c)
The IRS
d)
Social Security
32.
If the Federal Reserve wanted to stimulate the economy (make it grow), they might
a)
Sell Treasury bonds
b)
Buy Treasury bonds
c)
Spend more money
d)
Spend less money
33.
a rise in the cost of goods and services
a)
inflation
b)
discount rate
c)
interest
d)
monetary policy
34.

The goal of monetary policy is to

a)

sell bonds

b)

reduce unemployment

c)

prevent inflationary and recessionary economic periods

d)

increase tariffs on foreign countries

35.
The lowest point of output in a recession, before a recovery begins
a)
trade deficit
b)
depression
c)
trough
d)
recovery
36.
All of the following are points on the business cycle EXCEPT
a)
Peaks
b)
Troughs
c)
Expansion
d)
GDP
37.
What is the formula for GDP?
a)
C + I + G + (X-M)
b)
C + I + G / (X-M)
c)
C + I + G + (population)
d)
C + I + G + (M-X)
38.
High levels of GDP per capita indicate...
a)
Higher levels of happiness 
b)
Higher standard of living
c)
Equal levels of wealth 
d)
Self-sufficient communities
39.
What can the government do to give a boost to a slowing economy? 
a)
raise taxes
b)
lower taxes
c)
increase interest rates
40.
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
41.
What type of unemployment did people experience during the Great Depression?
a)
Seasonal
b)
Structural/Technological
c)
Cyclical
d)
Frictional
42.
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
43.
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
44.

The following statements are true EXCEPT

a)

frictional unemployment occurs for a temporary period only

b)

structural unemployment occurs because of lack skills in labour

c)

seasonal unemployment exists because some labour quit their job and search for another job

d)

cyclical unemployment is a serious problem for any country and it exists because some labour has lost their jobs during a recession

45.

Inflation can be measured by the

a)

change in the consumer price index

b)

change in the price of specific commodity

c)

percentage change in the consumer price index

d)

percentage change in the price of specific commodity

46.

The total value of all final goods and services produced in a country in a given year.

a)

Gross Domestic Product

b)

Consumer Price Index

c)

Inflation

d)

Unemployment

47.

The percentage of a nations labor force that is unemployed.

a)

Gross Domestic Product

b)

Inflation

c)

Unemployment

d)

Consumer Price Index

48.

The actions the Federal Reserve System takes to influence the level of real GDP and the rate of inflation in the economy.

a)

Fiscal Policy

b)

Monetary Policy

c)

Congressional Policy

d)

Executive Policy

49.

The buying and selling of government securities in order to alter the supply of money.

a)

Open Market Operations

b)

Expansion

c)

Discount Rate

d)

Trough

50.

Which of the following would increase aggregate demand?

a)

Increased saving

b)

Increasing import spending

c)

Increased taxation revenue

d)

Increased investment

51.
What is a time of high inflation and high unemployment called?
a)
Deflation
b)
Stagflation
c)
A Depression
d)
Super Inflation
52.
Which of the following could NOT explain the following diagram?
a)
An extensive government infrastructure program
b)
A decline in the price of capital goods
c)
An increase in bank interest rates
d)
A rise in consumer confidence
53.
Measures the cost of the market basket of a typical urban American family
a)
Aggregate Supply
b)
GDP
c)
CPI
d)
Budget
54.
If exports from the United States increased, what would most likely happen to real gross domestic product and price level?
Real GDP / Price Level
a)
decrease/decrease
b)
increase/increase
c)
decrease/increase
d)
increase/no chanve
55.
What term best describes the total demand for final goods and services at a range of price levels during a stated period of time?
a)
Aggregate Supply
b)
Total Supply
c)
Total Demand
d)
Aggregate Demand
56.
In an effort to avoid recession, the government implements a tax rebate program, effectively cutting taxes for households. We would expect this to: 
a)
affect neither aggregate supply nor aggregate demand.
b)
increase aggregate demand.
c)
reduce aggregate demand.
d)
reduce aggregate supply.
57.
What will generally happen to the aggregate demand curve when consumer confidence is too low?
a)
Curve shifts left
b)
No change in curve
c)
Curve slopes up
d)
curve shifts right
58.

In the short run, a decrease in investment is shown in which graph:

a)
b)
c)
d)
59.

Which of the above diagrams best portrays the effects of a substantial reduction in government spending?

a)

A

b)

B

c)

C

d)

D

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