NEW
Font size
WorksheetsSemester Exam Review
Total questions: 15
Worksheet time: 8mins
Construction workers who cannot work during winter time due to the weather experience what type of unemployment?
Seasonal Unemployment
Cyclical Unemployment
Structural Unemployment
Frictional Unemployment
Which of the following is not a factor of production?
Natural Resources
Human Resources
Consumer Resources
Capital Resources
In a market system, the wages for each job is determined by -
The worker
The employer
Supply and demand of labor
The US Government
The cost of borrowing money from a bank is called -
interest rate
discount rate
rate of return
loan rate
Keynsian Economics advocated government spending to -
promote international trade
ease the effects of the business cycle
decrease business activity
decrease the GDP
A ________________ is when a country exports more than it imports.
trade deficit
trade surplus
balance of trade
absolute advantage
The FDIC or Federal Deposit Insurance Corporation ________________________ and _______________________
Protects personal savings from bank failure, is still used today
Protects banks from failing, is still used today
Protects personal savings from bank failure, was abolished in 2017 by Trump
Protects the federal government's deposits in banks, was created in 2010 by Obama.
Which of the following would most likely lead to a decrease in consumer spending?
Increased income taxes
Decreased income taxes
Decreased interest rate
Increase in government spending
Which of the following is the only reason a home builder can refuse to build a person a home?
The buyer has bad credit
The buyer has a large family
The buyer is not from the United States
The buyer is not the same religion as the builder.
__________________ is based on profit motive and private ownership of property.
Communism
Subsistence
Capitalism
Socialism
Scarcity occurs because -
wants are unlimited, resources are limited
wants are limited, resources are unlimited
wants are unlimited,resources are unlimited
wants are limited, resources are limited
If a company fires 3 workers in order to replace them with machines which economic question are they addressing?
What to produce?
For whom to produce?
How to produce?
Why to produce?
Which of the following describes economic system of the Soviet Union?
production and prices were controlled by businesses
production was determined by tradition
consumer controlled prices
the government planned the economy setting prices.
Which of the following is an example of "international interdependence"?
Americans like to drive large trucks and SUV's
Brazil buys US automobiles and the US buys Brazilian coffee
Canadian hockey players prefer hockey sticks made in Canada
Florida Orange Juice is sold all over the United States.
Which of the following is the most common role of the US government in the economy?
setting prices
establishing laws to ensure workers are safe
requiring factory owners to produce what the government wants
determining jobs for US citizens
