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WorksheetsEcon Review
Total questions: 34
Worksheet time: 17mins
Which of the following best describes how a free enterprise society answers the basic economic questions?
Allow the market to set prices for goods and services.
Provide the State with ownership of all means of production.
Exchange goods by means of individual bartering.
Follow customs and traditions in deciding what to produce.
Your high school diploma adds to which factor of production?
Physical capital
Capital expenses
Human capital
Land
The price of gas has increased and people are moving away from their old gas guzzlers to more fuel efficient cars. This is an example of:
Income effect
Substitution effect
Learning effect
Complementary effect
What is a characteristic of money?
Intangible
Portable
Unlimited
Elastic
An appropriate title to the chart would be:
Scarcity of Resources
Factors of Production
Opportunity Cost
Macroeconomics
The author is describing the characteristic of a system that was first introduced by:
Adam Smith
Karl Marx
John Maynard Keynes
Friedrich Hayek
Which of the following could be a demand determinant of cell phones?
Government increases taxes on cellular phone production.
Government increases regulations on cell phone manufactures.
A new model of smart phones is released on the market.
Japanese touchscreen factories are destroyed in an earthquake.
A business owner should select which price for their good to reach equilibrium?
$1.50
$3.00
$4.50
$9.00
An opportunity cost of Sharon's decision to study hard to pass her Economics test would be -
Receiving an A on the test
Time spent chatting with her friends
Sharon raises her grade in the course
Sharon makes her teacher proud
Which of the following describes the process above?
Completing the FAFSA
Filling out income taxes online
Writing your college essay
Applying for the SAT/ACT
Globalization of the 21st Century has affected the US by:
Providing households with access to more goods and services
Restricting the economic freedoms of household and firms
Eliminating regulation from both foreign and domestic firms
Increasing the amount of American-made goods in the market
The opportunity cost of choosing option C is:
0 blankets
1 blanket
4 scarves
8 scarves
Which of the following best completes the sequence?
Purchase fish to feed family
Return to sea and catch fish
Apply sales tax to fish
Transport fish to market
Which of the following would be an impact of the image?
Increased staff sizes
Decreased capital
Increased productivity
Decreased efficiency
Which of the following philosophers is a proponent of direct governments in the economy?
Adam Smith
Friedrich Hayek
John Maynard Keynes
Milton Friedman
The main idea of the cartoon is that:
Citizens of communist nations tend to be dissatisfied with the government
China has the longest history of a communist economic system
Communism originated in the Eastern hemisphere
The number of communist countries has decreased over time
If quantity supplied is greater than quantity demanded it usually results in:
equilibrium
shortage
surplus
higher prices
If each of the following persons had the same amount of take home pay, who would need the greatest amount of insurance?
young single woman with no children
young single woman with 2 young children
young married man with no children
elderly retired man with a retired wife
A conclusion that can be drawn from the cartoon is the artist's disapproval of the Healthcare Reform Act due to its:
restriction of freedom of economic choice
high cost for those who are already insured
inclusion of people with pre-existing conditions
passage without proper approval of Congress
If a pizza restaurant sells pizza for $1.50 per slice, what can be concluded about the market?
The company has perfectly sold all pizzas produced without there being a demand for more
There has been a shortage in the production of pizzas and the demand was not met for consumers
More pizzas were made than what met the wants of the people leaving the company in a revenue shortage
A sale occurred in order to convince the consumers to purchase the rest of the pizzas that were made
Which of the following is a benefit of the US free enterprise system?
Eliminating all social and economic welfare programs
Paying less income taxes as the salary increases
Having all needs met by the federal and state governments
Creating wealth through hard work and good fortune
Which of the following would be an accurate conclusion that could be drawn from the image above about a free enterprise system?
All franchises have the same property rights as others
Competition leads to increased choices for consumers
Multiple businesses give fewer product options
The government limits economic freedoms and choice
Point X on the production possibility curve seen represents:
efficiency
underutilization
equilibrium
overutilization
A good title for the chart would be:
The factors of production
US economic trade-offs
Non-price determinants of supply
Production possibility function
The author's point of view is that the American policy of minimum wage has:
expanded the gender wage gap
been effective at increasing the money supply
benefited the wealthy at the expense of the poor
influenced additional policy change to solve the issue
Which of these would be the best title of this list?
Steps to receive a free credit report
Suggestions to avoid overdraft checking fees
Ways to improve one's personal credit score
How to apply for a real estate mortgage
A benefit of buying insurance is that:
It takes care of any worries about any financial matters
You do not need to spend any money out of your pocket
You will never need it throughout your life
It provides protection from unexpected events
One way the role of the government has changed over time in the US free enterprise system is its:
Decreased reliance on the goods and services provided by foreign nations
Increased regulation to protect businesses from economic failure
Willingness to fund wars with public tax dollars in times of need
Desire to avoid competition between businesses selling a similar product
Which of the following events likely occurred between 2014 and 2015?
Applied for college loans
Bankruptcy was declared
Money transferred to checking account
Mortgage loan taken out
The photographs best identify:
Incentives for local law enforcement to increase economic efficiency
Methods for private businesses to earn additional profit
Economic policies intended to promote economic freedoms
Restrictions placed on the use of individual property
Which of the following would be a benefit of renting a home?
flexibility in location and movement
building personal equity for the future
personal responsibility for maintenance and repairs
freedom of home improvement decisions
Which country would most likely value entrepreneurship?
Country A
Country B
Country C
Country D
Which of the following is a conclusion that could be drawn if the price of concert tickets is $20?
excess demand / shortage of tickets
excess supply / surplus of tickets
decrease in the supply of tickets
change in the supply of tickets
It is a popular belief that outsourcing has recently changed the basic characteristics of the US economy because it:
increases tax rates on American goods shipped to foreign nations
gives job opportunities to people outside the US
limits the number of products available to US citizens
provides the government with more control over the means of production
