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WorksheetsEconomics Practice Test
Total questions: 12
Worksheet time: 14mins
Which of these is NOT a function of money?
Store of Value
Medium of Exchange
Record of Finances
Unit of Account
Inflation is when prices _______ at a high rate
Rise
Fall
True or False:
If home sales increase greatly for several months in a row, there would likely be a rise in interest rates for home mortgages.
True
False
A person with little education and few skills will likely...
Earn a higher income
Earn a lower income
True or False: Someone who starts an online store selling soaps that they create is an entrepreneur.
True
False
When productivity increases, GDP...
Stays the same
Decreases
Increases
True or false: payroll taxes are a source of ONLY federal tax revenue
True
False
The value of all goods and services produced within domestic borders is known as...
Simple Interest
Productivity
Inflation
The Gross Domestic Product (GDP)
In the Circular Flow diagram, what flows from households to businesses?
Income
Expenditures
Factors of Production
Nothing
Who would be considered a part of the Unemployment Rate?
Henry is 22 years old and actively looking for a job in sales, but is not currently employed.
Susan is a 12 year old 7th grade student who does not have a job.
Robert is 88 years old and is no longer able to work.
Camille is 35 years old and is not looking for a job, she does not currently have a job.
If workers are laid off because new technology has replaced their jobs, which type of unemployment are they experiencing?
Casual
Structural
Frictional
Cyclical
True or False: the video game console industry is an oligopoly because there are only a few companies producing video game consoles.
True
False
