wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics Final Spring '21

Total questions: 89

Worksheet time: 1hrs 11mins

Name
Class
Date
1.
Which is NOT a characteristic of a monopoly?
a)
Seller sets the market price
b)
Entry into the market is easy
c)
Firm sells a unique product
d)
One seller
2.
The market for milk is an example of perfect competition. Why?
a)
Sellers offer a nearly identical product
b)
Anyone can start a dairy farm or leave the dairy business at any time
c)
Many people buy and sell milk
d)
All of the above
3.
The town of Utopia has three gas stations. The owners of these gas stations make decisions together about when to raise and lower gas prices. It would be difficult for another gas station to enter this market. Which market structure best describes the market for gas in Utopia?
a)
Perfect competition
b)
Monopolistic competition
c)
Oligopoly
d)
Monopoly
4.
List the four market structures in order from least competitive to most competitive.
a)
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
b)
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
c)
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
d)
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
5.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
6.
Which type of market structures has many many producers(companies) that sell identical products and has no control over price?
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
7.
Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
8.
Which scenario is an example of a monopoly? 
a)
A local water company is the sole provider of water for a small town.
b)
A dry cleaner specializes in environmentally friendly cleaning methods.  
c)
A farmer produces green beans for sale at a farmer's market.
d)
A small number of cereal companies produce most of the cereal on the market.
9.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
10.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
11.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

12.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

13.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

14.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

15.

What is a Sole Proprietorship?

a)

A business where 2 or more people share ownership

b)

A business owned by shareholders

c)

A business that is owned by one individual

16.

What percentage of the profits in sole proprietorship is the owner designated to?

a)

75%

b)

100%

c)

54%

d)

0%

17.

Partnership requires at least three people

a)

True

b)

False

18.

In partnership, decisions require agreement

a)

True

b)

False

19.

Business owned by shareholders is

a)

Partnership

b)

Sole proprietorship

c)

Corporation

d)

Franchise

20.

A group of people who jointly oversee the activities of a corporation

a)

Employees

b)

Board of Directors

c)

Volunteers

d)

None of the above

21.

A corporation can continue to exist after the death of its owners

a)

True

b)

False

22.

A very large business with branches all over the world.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

23.

Someone who wants to control every aspect of their business should form this type of business.

a)

Sole Proprietor

b)

Partnership

c)

Corporation

24.

A father who wants to take his son into the business with him should form this type of business.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

25.

Over 2 millions people own stock in American Steel; what type of business is it?

a)

Sole Proprietorship

b)

Paartnership

c)

Corporation

26.

Maria is using her savings to open a shop selling clothing from Mexico. What type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

27.

Louise and Susan are meeting to plan a new advertising campaign for the town newspaper they own. What type of business do they have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

28.

When Luigi's Pizzeria went out of business, he was still responsible for paying all of the restaurant's bills. What type of business did he have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

29.

Marco's computer repair business has limited financial resources. What type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

30.

This business is long lasting, extending over several generation of owners; what type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

31.

When one owner dies, the business is usually dissolved. What type of business is it?

a)

Sole Proprieetorship

b)

Partnership

c)

Corporation

32.
Barter system is now replaced by
a)
Banking system
b)
International system
c)
Monetary system
d)
Financial system
33.

Which of the following is not a characteristic of money?

a)

Divisibility

b)

Portability

c)

Acceptability

d)

Responsibility

34.
Which of the following is NOT one of the characteristics of money?
a)
durable
b)
stable
c)
scarce
d)
affordable
35.
This characteristic of money refers to the ability to carry it with you---lightweight and easy to transport.
a)
portability
b)
uniformity
c)
acceptability
d)
stability
36.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
37.

Easily transferred from 1 person to another, to make the exchange of money for products easier.

a)

Durability

b)

Portability

c)

Divisibility

d)

Scarcity

38.

Money has what if it doesn't deteriorate when it is being handled?

a)

Scarcity

b)

Divisibility

c)

Durability

d)

Portability

39.

Money has what if it can be broken down into smaller units so it can be used as needed?

a)

Divisibility

b)

Portability

c)

Scarcity

d)

Durability

40.

Money or other substance generally accepted as payment for goods and services.

a)

Measure of value

b)

Medium of exchange

c)

Scarcity

d)

Store of Value

41.

1 of the 3 functions of money that allows it to serve as a common denominator to measure value.

a)

Measure of value

b)

Store of value

c)

Divisibility

d)

Medium of exchange

42.

1 of 3 functions of money allowing people to preserve value for future use.

a)

Store of value

b)

Divisibility

c)

Portability

d)

Measure of value

43.

Privately owned, publicly controlled, central bank of the U.S.

a)

National Bank

b)

Federal Reserve System

c)

State Bank

d)

Barter Economy

44.
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
45.
What is opportunity cost?
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
46.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
47.
Land, Labor, Capital, and Entrepreneurship 
a)
Diversification
b)
Deductions
c)
Portfolio
d)
Factors of Production 
48.
The opportunity cost of increasing production from 4 to 7 boats is
a)
1 boat
b)
2 boats
c)
2 trucks
d)
3 trucks
49.
Efficiency is producing the maximum possible output from available resources
a)
True
b)
False
50.
What do points inside the PPF indicate?
a)
The combination of goods that employ goods efficiently
b)
The combination of goods that employ resources fully
c)
The combination of goods that do not employ resources fully
51.
What does point Y represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
52.
What does point B represent?
a)
Production at greater than the country's minimum potential
b)
Production is less than the country's minimum potential
c)
Productive inefficiency
d)
Productive efficiency
53.
Which point represents "resources are not being used efficiently, or resources are being wasted or idle"?
a)
Point A
b)
Point Y
c)
Point X
d)
All of the above
54.

Definition of Marginal Utility

a)

the satisfaction from consumption

b)

to total satisfaction from consuming a product

c)

the extra satisfaction from the last unit consumed

d)

the extra consumption from last unit consumed

55.

The definition of the law of diminishing marginal utility

a)

As more units are consumed the marginal utility falls.

b)

As more units are consumed the marginal utility increases.

c)

As price decreases quantity demanded increases.

d)

As price increases consumers are willing to pay more.

56.
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
a)
Free Market
b)
Traditional
c)
Mixed
d)
Command
57.
Katia is an accountant in a government run business where she was placed after graduation.
a)
Command
b)
Traditional
c)
Free Market
d)
Mixed
58.
Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
a)
Free Market
b)
Traditional
c)
Command
59.
Sally works in a private company that has to follow government rules for public safety.
a)
Free Market
b)
Command
c)
Mixed
d)
Traditional
60.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
61.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 
a)
What goods and services will be produced?
b)
What is the price of the goods? 
c)
Who is responsible for producing goods and services?
d)
How will goods and services be distributed to customers?
62.
When the federal government decides to pay senators more than it pays soldiers, it answers the ____ question.
a)
why
b)
how
c)
for whom
d)
what
63.
When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question. 
a)
what
b)
how
c)
for whom
d)
where
64.
Of the three major economic questions, which of the following is the best example of a "What?" question? 
a)
Should automobiles be produced using workers or robots? 
b)
Should higher-income or lower-income people buy SUVs?
c)
Should we make faster microprocessors or pest-resistant corn? 
d)
Should migrant workers or domestic workers be used to pick grapes?
65.

What is the type of this logo?

a)

Pictorial/Abstract

b)

Lettermark

c)

Wordmark

d)

Combination

66.

What is the type of this logo?

a)

Pictorial/Abstract

b)

Lettermark

c)

Wordmark

d)

Combination

67.

What is the type of this logo?

a)

Pictorial/Abstract

b)

Lettermark

c)

Wordmark

d)

Combination

68.

What is the type of this logo?

a)

Pictorial/Abstract

b)

Lettermark

c)

Wordmark

d)

Combination

69.

What is the type of this logo?

a)

Pictorial/Abstract

b)

Lettermark

c)

Wordmark

d)

Combination

70.

What is the type of this logo?

a)

Pictorial/Abstract

b)

Lettermark

c)

Wordmark

d)

Combination

71.

What is the type of this logo?

a)

Pictorial/Abstract

b)

Lettermark

c)

Wordmark

d)

Combination

72.

What is the type of this logo?

a)

Pictorial/Abstract

b)

Lettermark

c)

Wordmark

d)

Combination

73.

What might happen if the government did not insure bank deposits?

a)

Banks would be robbed far more often.

b)

People would lose their savings if their banks went out of business.

c)

Banks would have to buy safe with extremely thick metal walls.

d)

Banks could no longer make loans to their customers.

74.

Bank's make their profits primarily by issuing ________.

a)

equity

b)

negotiable CDs

c)

loans

d)

notice deposits

75.
to put money in the bank​
a)
Deposit
b)
Withdraw
c)
Overdraw
d)
Balance
76.

The amount of money the bank has available to lend

a)

excess reserves

b)

required reserves

c)

actual reserves

d)

navy reserves

77.

The (fill in the blank) is the percentage of bank deposits that the bank must keep in its vault

a)

actual ratio

b)

reserve ratio

c)

spending mutliplier

d)

fifteen percent rule

78.

Deposits made by bank customers are also known as?

a)

travelers checks

b)

money in the bank, baby!

c)

transfers

d)

checkable deposits

79.

What's a check stub?

a)

What you give to the bank to deposit.

b)

The part of a paycheck that lists deductions from your salary

c)

It's an envelope.

80.

What's gross pay?

a)

The total amount of an employee's earnings BEFORE deductions are taken out.

b)

It's when you feel gross because of your paycheck

c)

It;s the total amount of an employee's earnings AFTER all deductions.

81.

What's net pay?

a)

The amount of a paycheck AFTER all deductions are taken out.

b)

The amount of a paycheck BEFORE all deductions are taken out.

c)

The net worth of an individual

82.
money that is subtracted from your paycheck and given to the federal government to help run the country
a)
Local Tax
b)
State Tax
c)
Federal Tax
83.

Incentives are ______________

a)

A set of external motivators that help people make choices.

b)

Whatever you are giving up to do something.

c)

The tension caused by infinite wants and finite resources.

d)

The study of production, employment, prices, and policies on a nationwide scale

84.
____________ are all the alternatives we give up whenever we choose one course of action over another.
a)
Opportunity Costs
b)
Trade Offs
85.

Which of the following is an INCENTIVE?

a)

Wages for labor at a construction job sit

b)

Passing a certification exam as a job requirement

c)

Buying a candy bar during break

d)

A college receiving monetary bonuses for a high graduation rate

86.

Opportunity cost can be defined as:

a)

The amount of money you paid for something

b)

The HIGHEST valued alternative that you give up for a good (the next best thing)

c)

The cost of giving up everything to obtain a good

d)

The LOWEST valued alternative that you give up for a good (the bad decisions)

87.

Economic decision to use one more additional unit of a resource

a)

Thinking at the Margin

b)

Incentives Matter

c)

Trade Makes People Better Off

d)

Future Consequences Count

88.

I only have an hour of free time today. If I study, I can't see my friends.

a)

Costs versus Benefits

b)

Thinking at the margin

c)

Incentives Matter

d)

Future Consequences Count

89.

I thought it was a good idea to get a dog. I didn't know it would drive my neighbors crazy.

a)

Costs versus Benefits

b)

Scarcity Forces Tradeoffs

c)

Incentives Matter

d)

Future Consequences Count

Similar Resources on Wayground

WHI.2-WHI.6 SOL Midterm

84 questions

WHI.2-WHI.6 SOL Midterm

quiz

Worksheet

•

9th - 12th Grade

Refugee by Alan Gratz

87 questions

Refugee by Alan Gratz

quiz

Worksheet

•

8th - 9th Grade

AP Macro Unit 4: Financial Sector

84 questions

AP Macro Unit 4: Financial Sector

quiz

Worksheet

•

10th Grade

Microsoft Word Basics

86 questions

Microsoft Word Basics

quiz

Worksheet

•

6th - 12th Grade

Climate and Weather

91 questions

Climate and Weather

quiz

Worksheet

•

8th - 10th Grade

MYP/AP Unit 1 Review/Vocab

86 questions

MYP/AP Unit 1 Review/Vocab

quiz

Worksheet

•

9th - 12th Grade

1st Semester Review: American Government

85 questions

1st Semester Review: American Government

quiz

Worksheet

•

11th Grade

MWH (Non-Super) Final Review

85 questions

MWH (Non-Super) Final Review

quiz

Worksheet

•

9th Grade