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WorksheetsConsumer Ec Unit 1 Test Review
Total questions: 20
Worksheet time: 10mins
When the government is primarily responsible for the needs of its citizens it is called a
Traditional Economy
Command Economy
Market Economy
Product Economy
The United States can be best described as a
Command Economy
Market Economy
Traditional Economy
Mixed Economy
When consumers are responsible for making their own decisions and making sure their own needs are met it can be best described as a
Command Economy
Market Economy
Traditional Economy
Elephant Economy
On Friday night your family is going to see a movie at 8 pm and your friends are going out to eat at 8 pm as well. You want to do both but obviously can't. You choose going out to eat because you prefer it slightly. Seeing the movie with your family is called your
Opportunity cost
Specialization
Factors of Production
Fixed cost
The problem of scarcity is due to
Resources being unlimited and wants being limited
Resources being limited and wants being limited
Resources being limited and wants being unlimited
Resources being unlimited and wants being unlimited
The factors of production include:
ice cream, cookies, cake, cupcakes
labor, capital, entrepreneurship, economics, scarcity
land, labor, government, tech
land, labor, capital, tech, entrepreneurship
In the US, the Social Security program provides benefits primarily for:
Unemployed people
Retired people
Disabled people
Children
The following are all public goods and services provided by the US government except
Police and fire
Electricity and natural gas
Military
Highways and traffic lights
Local governments make most of their revenue from _____ while the federal government makes most of their revenue from ______
property taxes, business taxes
individuals income taxes, property taxes
property taxes, individuals income taxes
sales taxes, individuals income taxes
Which of the following is a progressive tax?
A
B
C
Q
Which of the following is a regressive tax?
A
B
C
Q
Which of the following is a proportional tax?
A
B
C
Q
The federal government spends a lot on the military, but what does the government spend just as much of their money on? (depending on the year)
National Parks
Social Security and Medicare
Interest on Debt
Cheez-Its
Felix has a savings account that earns him 0.5% per year. He has just realized that inflation was 3% in the past year. Felix is
Happy because his money earned more than inflation went up
Happy because inflation went up at a higher rate than his money
Mad because his money earned more than inflation went up
Mad because inflation went up at a higher rate than his money did
A _____ is when a company does not have enough product to fulfill all of the demand
Shortage
Surplus
A _____ is when a company has more product than they have demand for the product.
Shortage
Surplus
Factors that can move the _______ curve include taste/preferences, price of related goods (complements or substitutes), income, number of buyers, and future expectations
Supply
Demand
Factors that can move the _______ curve include change in resource prices, technology, and taxes
Supply
Demand
When the economy is growing too quickly (like it is right now) the government can do what to help stablize?
Reduce govt spending and increase taxes
Increase govt spending and decrease taxes
No change on govt spending and increase taxes
No change on govt spending and decrease taxes
Competition in the economy creates all of the following except
More variety/selection of goods and services
Lower priced goods and services
Lower productivity of labor
Higher quality goods and services
