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Economics Semester Test

Total questions: 88

Worksheet time: 1hrs 15mins

Name
Class
Date
1.
What is the fundamental problem of every society?
a)
labor costs
b)
scarcity
c)
economic interdependence
d)
market fluctuation
2.
   Scarcity can best be defined as 
a)
A Shortage of a product
b)
Where demand is greater than supply
c)
Unlimited wants vs Limited resources 
d)
Limited wants vs unlimited resources 
3.
Using resources more efficiently increases
a)
productivity
b)
capital
c)
income
d)
investment
4.

Which of the following resources would economists classify as a “capital good”?

a)

Raw Bauxite in a South African mine

b)

A hammer used in framing a house

c)

A worker hired to repair engines

d)

Trees used to make paper

5.
Food is an example of a
a)
durable good
b)
non-durable good
c)
want
d)
resource
6.
A nation whose total output increases is experiencing
a)
decreased GDP
b)
expansion of the possibilities curve
c)
more consumerism
d)
economic growth
7.
A person's quality of life is most determined by
a)
marriage
b)
food
c)
standard of living
d)
love
8.
Reliance on others to produce goods and services is
a)
consumerism
b)
scarcity
c)
economic interdependence
d)
wealth
9.
A diamond is worth more than water. This illustrates what concept of economics?
a)
consumerism
b)
paradox of value
c)
specialization
d)
human capital
10.
The law of demand states that
a)
consumers demand a larger quantity of a good when price is low.
b)
consumer demand increases when price is low.
c)
sellers supply a larger quantity of a good when price is high.
d)
sellers increase supply when price is high.
11.

When the U.S. government purchases a submarine from a private company, the government has made a major transaction in the

a)

factor market

b)

public market

c)

product market

d)

foreign exchange market

12.
China and Cuba are examples of this economic system
a)
Capitalism
b)
Mixed 
c)
Socialism
d)
Communism
13.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
14.
What type of economic system allows government and private businesses to make economic decisions?
a)
Market
b)
Mixed
c)
Traditional
d)
command
15.
What type of economic system allows private businesses to decide what to produce, how to produce and for whom to produce?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
16.
Communist countries have what type of economic system?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
17.

The doctrine that government generally should not intervene in the marketplace:

a)

laissez faire

b)

self interest

c)

economic transition

d)

mixed economics

18.
When different people are responsible for different steps in production, that is called
a)
specialization
b)
entrepreneurship
c)
globalization
d)
the rule of law
19.
How do consumers most commonly influence the production of products?
a)
by voting for popular products with their dollars
b)
By saving their money instead of buying a product
c)
Starting a protest against a store that doesn't carry a product they want
d)
By reducing their spending habits and staying on budget
20.
A type of tax that is added on most products when you check out at a store
a)
excise tax
b)
payroll tax
c)
FICA
d)
sales tax
21.
A type of tax, often called "hidden tax", that is applied only to certain products like tires, alcohol and gasoline
a)
sin tax
b)
excise tax
c)
sales tax
d)
property tax
22.
A type of excise tax that is applied to socially unacceptable products like alcohol, cigarettes and tattoos
a)
sin tax
b)
excise tax
c)
sales tax
d)
estate tax
23.
The struggle among sellers to attract buyers is
a)
profit motive
b)
competition
c)
property rights
d)
voluntary exchange
24.
What characteristic of our economy allows people to make their own economic decisions?
a)
profit motive
b)
command economy
c)
free enterprise
d)
economic freedom
25.
How does the government operate in a modified free enterprise economy?
a)
it interferes with business only when it is profitable
b)
it takes a "hands off" approach
c)
it establishes laws and rules to maintain competition and safety in the workplace
d)
it tell all businesses how to operate
26.
Which of these best describes the influence of high prices on the behavior of PRODUCERS?
a)
they are an incentive for them to produce more
b)
they are an incentive to produce laess
c)
they are an incentive to cut back on other factors of production
d)
they have no effect on producer behavior
27.

A government payment to start or stop a certain economic activity is called a

a)

surplus

b)

shortage

c)

subsidy

d)

supply

28.
Who or what does the modification in our modified free enterprise economy?
a)
consumers
b)
businesses
c)
producers
d)
government
29.
What happens at equilibrium price?
a)
the number of sellers equals the number of buyers
b)
the amount supplied equals tha amount demanded
c)
more is demanded than supplied
d)
less is demanded than supplied
30.
When the price of something increases, the quantity demanded...
a)
increases
b)
decreases
c)
stays the same
d)
becomes irrelevant
31.
When the price of something decreases, the quantity supplied...
a)
increases
b)
decreases
c)
stays the same
d)
goes up then down
32.
When people wait in line on Black Friday to get a 70" TV, this is an example of
a)
scarcity
b)
consumerism
c)
product marketing
d)
consumer responsibility
33.
The social science that studies how people, societies and businesses use scarce resources is
a)
economics
b)
sociology
c)
personal finance
d)
psychology
34.
Which of these best describes the influence of high prices on the behavior of CONSUMERS?
a)
they are an incentive to buy less
b)
they are an incentive to buy more
c)
they encourage consumers to modify their demand schedules
d)
they have no effect on consumer behavior
35.
Choosing to make cars instead of trucks results in
a)
opportunity cost
b)
increased wealth
c)
expanding the production possibilities curve
d)
TINSTAAFL rating upgrade
36.
When people earn wages at their jobs, they are taking part in the 
a)
factor market
b)
product market
c)
cost benefit analysis
d)
open market
37.
which of these economic systems have the least in common?
a)
market economy and capitalist economy
b)
free-market economy and market economy
c)
command economy and socialist economy
d)
command economy and capitalist economy
38.
As the price of a good rises in a market, it acts as a signal:
a)
consumers that they should buy a greater quantity of the good.
b)
to producers that they should supply a greater quantity of the good.
c)
to consumer that they should increase their demand for the good.
d)
to producers that they should increase their supply of the good.
39.
If your credit card is stolen and used, by law how much is the most you will have to pay?
a)
$100
b)
$50
c)
$250
d)
nothing
40.
Which of the following is NOT a consumer good?
a)
a bulldozer at a construction site
b)
a Happy Meal at McDonalds
c)
a pack of Doritos in a vending machine
d)
a television set for sale at an appliance store
41.
The United States has decided to spend more money on military goods and less on education. The opportunity cost for spending more money on military goods would be which of the following?
a)
the satisfaction of destroying our enemies
b)
the money used to fund the military
c)
 money to spend on education
d)
better paid soldiers
42.
When consumers buy goods, they participate in the 
a)
factor market
b)
product market
c)
cost benefit exercise
d)
investment market
43.

The theory that supply has a direct relationship with price

a)

Law of supply

b)

Law of demand

c)

law of gravity

d)

law of the land

44.
The theory that demand has and inverse relationship with price
a)
law of supply
b)
law of demand
c)
law of gravity
d)
law of the land
45.

____________ is the privately owned, publicly controlled central bank of the U.S.

a)

J.P. Morgan Chase

b)

Bank of America

c)

The Federal Reserve System (FED)

d)

Wells Fargo

46.
Which of the following is largely responsible for the growth of a free enterprise system?
a)
Profit Motive
b)
Market Efficiency
c)
Economic Freedom
d)
Government
47.
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
48.

_____________ is money by government decree, has no alternative value

a)

Gold standard

b)

Specie

c)

Barter

d)

Fiat money

49.

____________ is money in the form of gold or silver coins

a)

Fiat

b)

Shilling

c)

Specie

d)

Pence

50.

_____________ are a paper currency issued by the FED

a)

Specie

b)

Federal Reserve Notes

c)

Disney bucks

d)

Shilling

51.

__________ is a U.S. government institution that provides insurance on depositor's bank accounts

a)

Congress

b)

Department of the Interior

c)

FDIC

d)

Department of Homeland Security

52.

__________ is a currency that must be accepted for payment by decree of government

a)

Barter

b)

Fiat

c)

Legal tender

d)

Specie

53.

Which is a good synonym for the word barter in the term barter economy?

a)

trade

b)

fiat

c)

monetary

d)

specie

54.
If a $20 bill is still worth $20 in 10 years, which function of money is being used? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Acceptable 
55.
Which of the following is a job of the Federal Reserve?
a)
Insure the safety of deposits.
b)
Regulate inflation so it doesn't get out of control.
c)
Acts as the Governments Bank.
d)
All of the above.
56.

Which of these can cost you money in large interest payments?

a)

a debit card

b)

a credit card

c)

a checking account

d)

a savings account

57.

_____________ is a bank that can lend money to other banks in times of crisis

a)

Congress

b)

Central Bank

c)

Department of the Interior

d)

National Bank

58.

Money that has value in itself and can be used as something else when it's not being used as money (e.g. tobacco/salt)

a)

Fiat Money

b)

Commodity Money

c)

Currency

d)

Coins

59.

If you car is said to be worth $20,000, what function of money is being used?

a)

Medium of Exchange

b)

Store of Value

c)

Measure of value/ Unit of Account

d)

Acceptable

60.

The Federal Deposit Insurance Corporation:

a)

insures all demand deposits without limit.

b)

insures all bank deposits up to $250,000.

c)

insures all bank deposits up to $25,000.

d)

has eliminated bank failures.

61.

A point above the PPF curve represents

a)

efficiency

b)

inefficiency

c)

Unemployment

d)

Unattainable

62.

A point below the PPF curve represents

a)

efficiency

b)

inefficiency

c)

Unemployment

d)

Unattainable

63.

A point on the PPF curve represents

a)

efficiency

b)

inefficiency

c)

Unemployment

d)

Unattainable

64.

A truck is an example of a

a)

durable good

b)

non-durable good

c)

need

d)

natural resource

65.
What are Taxes?
a)
A Sum of money that the Federal government pays its citizens for good behavior.
b)
A Sum of Money that the State Mandates its Businesses pay in order to support the cleaning of their parking lot. 
c)
A Sum of Money that the Federal Government charges its citizens to clean up their messes. 
d)
A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services. 
66.
Federal Income tax is a _______tax
a)
proportional
b)
flat
c)
regressive
d)
progressive
67.

What kind of taxes would you pay for your home?

a)

Property Taxes

b)

Income

c)

Sales

d)

Excise

68.
Sales tax is a ______ tax
a)
regressive
b)
progressive
69.
Under a ________ tax system, individuals and entities with low incomes pay a higher amount of that income in taxes compared to high-income earners. 
a)
Regressive
b)
Progressive
c)
Proportional
d)
Flat
70.

What is the nickname for taxes on goods or services the government doesn't approve of?

a)

Bad tax

b)

Naughty Tax

c)

Behavior tax

d)

Sin Tax

71.

What is Texas's state income tax rate?

a)

8.25%

b)

0.00%

c)

4.00%

d)

7.75%

72.

What kind of taxes would you pay on new shoes?

a)

Income

b)

Excise

c)

Property

d)

Sales

73.
Income tax is-
a)
Money your employer pays to you
b)
Money you earn and put into the bank
c)
Tax paid on the money you earn annually
d)
Money you pay to your employee
74.

Physical objects that someone produces

a)

Want

b)

Need

c)

Good

d)

Service

75.

According to the video, "Whats so taxing about taxes?", which country was the first to institute a flat rate personal income tax?

a)

Estonia

b)

Latvia

c)

Poland

d)

Belarus

76.

How does competition benefit consumers?

a)

unpopular products remain in the market

b)

more expensive products dominate the market

c)

consumers will have fewer choices

d)

consumers will have more choices as newer and cheaper products come to the market

77.

What is this form?

a)

W-4

b)

W-2

c)

1040

d)

1040EZ

78.

What is this form?

a)

W-4

b)

W-2

c)

1040

d)

1040EZ

79.

An action or activity that one person performs for another

a)

Want

b)

Need

c)

Good

d)

Service

80.

Joe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, and Ram models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet. He selected the Ford because he liked the interior a little better. What was his opportunity

cost?

a)

Ford

b)

Chevrolet

c)

Toyota

d)

Ram

81.
What is the production possibilities curve?
a)
a graph that shows how much an economy can produce between 2 goods
b)
how much money something is
c)
the opportunity one has to give up in order to gain something else
d)
land, labor, capital, entrepreneurs
82.

Something essential for survival

a)

Want

b)

Need

c)

Good

d)

Service

83.

Scarcity forces us to make economic decisions

a)

True

b)

False

84.

Something we desire but that is not necessary for survival

a)

Want

b)

Need

c)

Good

d)

Service

85.

Economics is the study of how people seek to satisfy their needs and wants by making choices

a)

True

b)

False

86.
What is it called when you choose between two possible uses for a resource, giving up one alternative for another?
a)
Trade Offs
b)
Real Costs
c)
Building materials
d)
Trading spaces
87.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
88.
Trade-offs create this. It is the thing that you DO NOT chose. It is what you have to give up in order to get something else. It is your 2nd BEST ALTERNATIVE. 
a)
Trade-offs
b)
Opportunity Cost
c)
Scarcity
d)
Production Possibilities Curve

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