WorksheetsEcon S2 Midterm Assessment Review
Total questions: 35
Worksheet time: 19mins
Something we desire but that is not necessary for survival
Want
Need
Good
Service
Something essential for survival
Want
Need
Good
Service
Physical objects that someone produces
Want
Need
Good
Service
An action or activity that one person performs for another
Want
Need
Good
Service
The fact that there are limited amounts of goods and services to meet unlimited wants is called:
Scarcity
Shortage
Surplus
Economics
Economics is the study of how people seek to satisfy their needs and wants by making choices
True
False
Economics is the study of how society manages its
limited wants and unlimited resources
unlimited wants and unlimited resources
limited wants and limited resources
unlimited wants and limited resources
What type of economy involves a powerful government which owns all the "means of production" and makes all decisions regarding society's resources.
Traditional Economy
Market Economy
Command Economy
In which economic system is some property owned by the government and some is owned by individuals?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
In which economic system do children already know what they'll be when they grow up because they will be trained to do what their parents and grandparents have done?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
In which economic system do consumers have an almost endless range of choices because many companies are competing against one another?
Traditional Economy
Command Economy
Market Economy
Mixed Economy
To focus on producing one thing to improve productivity is known as:
Specialization
International trade
Absolute Advantage
Supply and Demand
This is a tax on imports that is used to increase price of foreign products and raise government revenue.
tariff
quota
subsidy
embargo
This is the most restrictive of the trade restrictions a nation can use to close off all importation of a product.
tariff
quota
subsidy
embargo
GDP is calculated by
adding up the cost of goods used in producing the item
subtracting all costs from total revenue
adding consumption (final goods bought) + investment (intermediate goods produced) +government spending+ (exports sold - imports bought)
subtracting items purchased from the cost of items used to produce them.
High levels of GDP per capita indicate...
Higher levels of happiness
Higher standard of living
Equal levels of wealth
Self-sufficient communities
Which is an example of investment in human capital?
trucks
factories
education
highways
______________ goods are those goods which have crossed the boundary line of production and are ready for use by their final users.
Final
Intermediate
GDP
Good
What is Trade War?
Countries fight with each other by throwing goods at each others
Similar to Star Wars
Selling and Buying a war
Countries fight against each other economically, using money instead of weapons
When people trade how do both sides benefit?
Countries can focus on producing specific goods from their natural resources instead of trying to create everything they need
Countries can take advantage of each other making the international market more secure
Countries are able to learn the weaknesses of other countries and exploit those for natural resources
Countries are able to enter other countries with spies and foreign agents to undermine governments.
"Stock" is best defined as ___________.
a share of ownership in a corporation
an investment in which a person lends money to a business at a specified interest rate
the right to receive money from the government on a future date
a share of ownership in the government-owned enterprise
Which of the below is an employer based retirement plan that only employers contribute to?
Traditional IRA
Roth IRA
401K
Pension
Which of the below is an employer based retirement plan that both employees and employers contribute to?
Traditional IRA
Roth IRA
401K
Pension
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
A bank is...
a business that keep money for customers and makes loans.
a company that uses your money for bartering.
an organization that holds money and other valuable assets.
a business that borrows money from you.
A fee a bank, credit card, or lender charges to purchase something & pay for it over time
Dividend
Interest
Credit
Finance Rate
What is the first step to get out of debt?
sell something to get the money
get a part time job and work extra
Save money to pay it back
Quit borrowing more money
This is declared when an individual is unable to pay private or business debts.
Broke
Bankruptcy
Insolvency
Liquidation
