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Domain One, Two and Part Three

Total questions: 88

Worksheet time: 48mins

Name
Class
Date
1.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
2.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
3.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
4.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
5.
How much people want something
a)
supply
b)
demand
6.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
7.
Something we pay for that we can touch
a)
goods
b)
services
8.
The resources required to make a product (good or service)
a)
economics
b)
consumption
c)
four factors of production
d)
scarcity
9.
People who work to make goods or provide services
a)
human resources
b)
capital resources
c)
natural resources
d)
entrepreneurs
10.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
11.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
12.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
13.

What is economic choice?

a)

unable to find work

b)

being weak

c)

When you have to give something up to have something else

d)

goods and services purchased from other countries

14.

What is utility?

a)

an organization formed by workers

b)

satisfaction

c)

a price paid

d)

taxes

15.

What is a tradeoff?

a)

When one thing has to be given up in order to have another

b)

satisfaction

c)

money

d)

work done by humans

16.

What are the three basic economic questions?

a)

What will be produced?

b)

How will it be produced?

c)

When will it be produced?

d)

For whom will it be produced for?

17.

What is the fundamental problem in economics?

a)

Immigration

b)

Scarcity

c)

Poverty

d)

Nuclear War

18.

What is scarcity?

a)

Being scared of cities

b)

The attitude of those who wish to sell, at a certain price they will offer this many of an item

c)

Lack of resources available to meet all human wants

d)

A negative outcome of which you are aware

19.

What is the invisible hand in economics?

a)

the term coined by Adam Smith to describe how market forces push prices towards equilibrium with no one in charge

b)

the study of individual markets and individual choices in those markets

c)

the work done by humans

d)

a see through hand that is a ghost in production

20.

What is microeconomics?

a)

the study of the overall economy, including things like national production, unemployment rates, and inflation

b)

the term coined by Adam Smith to describe how market forces push prices towards an equilibrium

c)

the study of individual markets and individuals' choices in those markets

d)

taxes on imported goods

21.

What is macroeconomics?

a)

the study of the overall economy, including things like national production, unemployment rates, and inflation

b)

the study of individual markets and individuals' choices in those markets

c)

when you buy a Big Mac at McDonald's

d)

the rules and regulations the government makes and takes to control the system

22.

What is the Production Possibility Curve (PPC)?

a)

A curve where possibilities are possible

b)

The goal when deciding how much to produce

c)

The maximum goods or services that can be produced from limited resources

23.

What are the different factors of production?

a)

Land

b)

Labor

c)

Wants

d)

Capital

e)

Entrepreneurship

24.

What is an opportunity cost?

a)

The value of the next-best alternative a person gives up

b)

Cost of succeeding

c)

The risk of business decisions

25.
It is possible for socialism to exist in a democracy.
a)
True
b)
False
26.
It is possible for communism to exist in a democracy.
a)
True
b)
False
27.
The United States is a pure market economy.
a)
True
b)
False
28.
The government makes all economic decisions
a)
Traditional
b)
Command
c)
Market
29.
Everyone has a set role defined by custom. 
a)
Traditional
b)
Command
c)
Market
30.
Primary focus is self-interest
a)
Traditional
b)
Command
c)
Market
31.
Socialism
a)
Traditional
b)
Command
c)
Market
32.
Main goal is survival
a)
Traditional
b)
Command
c)
Market
33.
Capitalism
a)
Traditional
b)
Command
c)
Market
34.
The good of the group is more important than self interest.
a)
Traditional
b)
Command
c)
Market
35.
What all societies had in earliest times
a)
Traditional
b)
Command
c)
Market
36.
Competition and Consumer Sovereignty
a)
Traditional
b)
Command
c)
Market
37.
Workers have little motive to improve output
a)
Traditional
b)
Command
c)
Market
38.
Whose ideas led to Socialism?
a)
Adam Smith
b)
Karl Marx
c)
Vladimir Putin
39.
Which of the following are markets involved in the circular flow model?
a)
Factor Market and Resource Market
b)
Labor Market and Product Market
c)
Factor Market and Product Market
d)
Resource Market and Labor Market
40.
Which two groups of people are represented in the circular flow model?
a)
Buyers and Sellers
b)
Producers and Consumers
c)
Government and Private Individuals
d)
Households and Businesses
41.
There is no need for government in the marketplace
a)
Laissez Faire
b)
Capitalism
c)
Laissez Faire Capitalism
d)
Socialism
42.
Capital
a)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
b)
The organised exchange of goods, services or resources between buyers and sellers.
c)
The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
d)
The cost of a good or service we forgo (give up) when we choose another.
43.
Choice
a)
The ability to combine land, labour and capital resources to create, plan and produce goods and services.
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
When you have to make a decision about selecting between two or more different things
d)
The ability to combine land, labour and capital resources to create, plan and produce goods and services.
44.
Demand
a)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
The cost of a good or service we forgo (give up) when we choose another.
d)
Used to produce goods and services that satisfy needs and wants. The four factors of production are land, labour, capital and enterprise.
45.
Labour
a)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
b)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
c)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
d)
A good or service that is desired but which is not necessary for survival.
46.

A market structure in which there is only one firms is known as....

a)

Perfect Competition

b)

Oligopoly

c)

Monopolistic competition

d)

Monopoly

47.

A Business that is the only producer in a particular market is known as...

a)

Oligopolist

b)

Monopolist

c)

Sole trader

48.

Identify a characteristic of Perfect competition from the given options.

a)

No collusion

b)

Collusion

c)

Few buyers and sellers

d)

Only a few buyers.

49.

Select the firms that can be classified as part of the Oligopoly market structure, in a South African context.

a)

MTN, Vodacom and Cell C

b)

Eskom and Transnet

c)

Shoprite, Pick n Pay and Spar.

d)

Taxi industry

50.

Which of the following Market structures has a high level of Entry Barriers into the market?

a)

Monopoly

b)

Oligopoly

c)

Perfect competition

51.

Define the term Homogeneous goods.

a)

It refers to goods that are similar in nature with the same physical characteristics.

b)

Its refers to goods that are not similar and that differ in relation to physical characteristics.

52.

Define the term Heterogeneous goods.

a)

It refers to goods that are similar in nature with the same physical characteristics.

b)

It refers to goods that are not similar and that differ in relation to physical characteristics.

53.

Which of the following is not a reason for government to promote competition policy in markets

a)

Increase market efficiency

b)

Contribute to development objectives

c)

Create jobs

d)

To create opportunities for government to intervene more regularly in markets

54.

What are the two strands of economics?

a)

Microeconomics and Macroeconomics

b)

Small and big economics

c)

Land, labour, capital, enterprise

55.

What is a market economy?

a)

Where everyone is equal

b)

Consumers influence the types of goods and services

c)

The government are involved with everything

d)

Environment is important

56.

What is a planned economy?

a)

Government decides how resources can be used

b)

Consumers decide the goods and services

c)

Communism

d)

Socialism

57.

What is the correct formula for calculating the unemployment rate in the US?

a)

#unemployed/labor force x100

b)

#labor force/working age population x100

c)

#unemployed/#employed x100

d)

#labor force/60,000 (BLS household survey

58.

A snow ski instructor is considered

a)

seasonally unemployed in the summer

b)

especially talented if she can get that ski boat back up the hill

c)

frictionally unemployed

d)

structurally unemployed when he feels discouraged

59.

Professor Doty feels that although it is not the largest form of unemployment, it is the most serious because it is not self-correcting. Which is it?

a)

structural unemployment

b)

frictional unemployment

c)

cyclical unemployment

d)

seasonal unemployment

60.

Which of the following statements would be classified as “full employment’?

a)

Everyone who wants to work has a job

b)

Approximately 95% of people have a job

c)

People who have been hunting for a job for a long time

d)

Everyone who wants to work have full time jobs

61.

A peak in business cycle is indicated by ______ unemployment and _______ output.

a)

higher ; lower

b)

lower ; higher

c)

decreasing ; increasing

d)

increasing ; decreasing

62.

Refers to an increase in the general price level associated with an increase in the cost of production.

a)

Supply Inflation

b)

Cost Push Inflation

c)

Imported Inflation

d)

Demand Pull Inflation

63.

The lowest point in the business cycle is

a)

peak

b)

boom

c)

trough

d)

recession

64.

_______ occurs when people are in between jobs, entering and reentering the labour force.

a)

Cyclical unemployment

b)

Technological unemployment

c)

Frictional unemployment

d)

Seasonal unemployment

65.

When individuals are searching for greener pastures is considered what type of unemployment?

a)

frictional

b)

cyclical

c)

structural

d)

seasonal

66.

Which of these is NOT a characteristic of an unemployed person?

a)

He/she does not work

b)

He/she has made specific efforts to find a job

c)

He/she is laid off from a job in the succeeding months

d)

He/she is undergoing a career change

67.

Farm helpers are unemployed when the cropping season is over.

a)

frictional

b)

cyclical

c)

structural

d)

seasonal

68.

Who among the following would be considered as unemployed?

a)

A graduating student of legal age to work

b)

An entrepreneur in the process of starting a new business

c)

A secretary who has resigned from work & looking at job ads

d)

A housewife running 2 internet shops at the same time

69.

Defining unemployment

a)

Unemployment occurs when a person actively searching for employment is unable to find work

b)

Unemployment occurs when a person not actively searching for employment is unable to find work

c)

Unemployment occurs when a person actively searching for employment is able to find work

d)

Unemployment occurs when a person not actively searching for employment is able to find work

70.

The phase of a business cycle in which unemployment at the lowest level is a ________________.

a)

recovery.

b)

trough.

c)

recession.

d)

peak.

71.

Seman is fired from his job because he was late for work too many times. While he searching for another job he would classified as ________________.

a)

not in labour force because his employer had a legitimate reason for firing him.

b)

structural unemployed.

c)

cyclical unemployed

d)

frictional unemployed.

72.

Fee charged by the Federal Reserve Bank for other member banks to borrow money from the FED through the discount window?

a)

inflation

b)

interest

c)

discount rate

d)

reserve requirement

73.
a rise in the cost of goods and services
a)
inflation
b)
discount rate
c)
interest
d)
monetary policy
74.

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

75.
The federal government is attempting to encourage spending by consume rs and businesses, a fiscal policy BEST serving this purpose would be
a)
decreasing taxes
b)
decreasing government spending
c)
reducing the investment tax credit
d)
balancing the budget
76.

"The Fed" refers to the....

a)

Federal Bureau of Investigation

b)

Federal Government

c)

Federal Reserve System/Bank

d)

Federal Income Tax

77.
If the United States is experiencing inflation, the Fed will likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of money in the economy
78.
In a recession, the Fed would likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of the money in the economy
79.
Does increasing the money supply cause inflation or deflation?
a)
Inflation
b)
Deflation
80.

number of federal reserve district banks?

a)

5

b)

10

c)

12

d)

21

81.
Money loses its value when it
a)
It becomes too plentiful
b)
becomes too portabale
c)
is divisible
d)
is durable
82.
Raising the discount rate will reduce
a)
unemployment
b)
inflation
83.
Lowering the reserve requirement will reduce
a)
unemployment
b)
inflation
84.

What are two main monetary tools the government has?

a)

government spending and reserve requirement

b)

taxes and government spending

c)

buy/selling bonds and discount rate

d)

discount rate and taxes

85.

Which answer below is something that the FED does NOT do? Remember, the FED has three main fiscal tools to impact money supply.

a)

buy/sell bonds

b)

increase/decrease discount rate

c)

increase/decrease income tax rates

d)

increase/decrease reserve requirement

86.

Choose the 2 answers below that are fiscal policy tools of the Federal Government

a)

Local referendums

b)

Taxes

c)

Discount Rate

d)

Government Spending

87.

If the economy was going into a recession, what would the Federal government do with taxes?

a)

increase them

b)

do nothing

c)

decrease them

88.

If the economy was going into an inflationary period, what would the Federal government do with government spending?

a)

increase it

b)

do nothing

c)

decrease it

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