WorksheetsEconomics Semester Final Exam 2026
Total questions: 87
Worksheet time: 1hrs 7mins
4) In simple terms, economics is all about
A) Making money
B) Making choices
C) Scarcity
D) Producing goods
10) All the resources used to produce other goods and services.
A) Labor
B) Natural Resources
C) Capital Resources
D) Opportunity
45) The graph represents which concept of demand
A) Change in Price
B) Change in Quantity Demand (Slide)
C) Decrease in Demand
D) Change in Demand (Shift)
45) The price of coffee increases and people switch to drinking tea. The determinant of demand (Shifter) is
A) Income
B) Consumer Preferences/Tastes
C) Price of Related Goods (Complements)
D) Price of Related Goods (Substitutes)
53) The price at which the amount demanded is equal to the amount supplied
A) Shortage
B) Surplus
C) Equilibrium price
D) Profit
95) The dollar value of all final goods and services produced within a country's borders in a given year and a measure of economic well being.
A) Consumer Price Index
B) GDP per capita
C) Gross Domestic Product
D) Inflation
99) GDP is calculated by adding all of the components, EXCEPT
A) Consumer Goods
B) Government Spending
C) Underground Economy
D) Business Investment
Which type of economy has central ownership, the government, and lack of individual choice?
Market
Mixed
Command
Traditional
Capitalism is in what type of economy?
Traditional
Command
Market
Authortarian
Which of the following is an example of the effects of competition in the economy?
A gas station goes out of business because of a fire.
A gas station raises its prices because of an oil shortage.
A gas station lowers its prices when the price of oil goes down.
A gas station lowers its prices when a new gas station opens up next door.
Which of the following describes an entrepreneur?
A person who is hired to work in a factory.
A person who organizes, operates, and assumes the risk for a business venture.
A person who organizes loans the money to a new business just getting started.
A person who invests in businesses to make money.
Why would a person be willing to risk losing money in starting a new business?
the person makes bad financial decisions
The person does not care if he or she loses money
The business is guaranteed to make money
The person believes the business has a greater chance of succeeding than failing.
Tom grows vegetables and sells them to the local neighbors. They have always liked Tom's vegetables, but a new grocery store opened around the corner. The store sells vegetables too, and many of Tom's neighbors shop there instead. This means that the demand of Tom's vegetables has gone down.
True
False
What is the study of the way goods and services are made and used?
market
geography
economics
Where buyers and sellers exchange goods and services.
government
economics
market
People who produce goods and services.
producer
consumer
market
What you give up when making a decision.
long term goal
opportunity cost
producer
Lack of available resources.
services
scarcity
goods
Resources that come from nature: water, soil, trees, coal, etc.
natural resources
scarcity
market
Someone who buys or uses goods and services.
producer
services
consumer
Pick the producer.
Pick the consumer.
long term savings goal
short term savings goal
long term savings goal
short term savings goal
In a few years, you may leave college and seek employment you are unemployed! What type of unemployment does this represent?
structural unemployment
seasonal unemployment
frictional unemployment
cyclical unemployment
As prices increase demand...
decreases
escalates
increases
stays the same
Time would be an example of?
a factor of production
unlimited resource
a marginal cost
scarce resource
A printer and ink cartridges would be an example of what kind of good?
Complimentary
Demanded
Substitute
Natural
Oil, natural gas, and coal
human resources
natural resources
entrepreneurship
capital resources
Total amount of a product offered for sale
demand
inventory
supply
a long term investment when the individual lends their money to the government or a company and they will repay the investment plus interest on a set date
stock
mutual fund
bond
savings account
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
subsistence
specialization
scarcity
bartering
What is an interest rate?
The cost of doing business.
Sales tax
A factor of production
The percentage you pay on a loan.
What is seasonal unemployment?
Unemployment based on the seasons.
Unemployment based on shortage of skills.
Unemployment based on economic shortfalls.
Unemployment based on economic boom.
What is a simple definition of the unemployment rate?
Rate of people not working and do not care to work.
Rate of people who are working.
Percentage of the labor force who are out of work, but are looking for a job.
Percentage of the labor force who have a job.
What is the opportunity cost when this economy shifts production from point B to point C?
7 mobile phones
4 mobile phone
10 cameras
none of the above
Specialization increases productivity because...?
It Lets Workers Gain Expertise In Their Assigned Tasks
It Makes The Workers "Special"
It Lets Workers Socialize With Other Workers
It Gives The Workers Extra Pay
When a shortage exists in a market, price is __________ equilibrium.
Below
Above
At
Cannot Be Determined
If an economy has increasing GDP, low unemployment rate, and increasing inflation, what is happening?
It is in a slowdown
The Government needs to fix the unemployment rate
The FED should expand the money supply
The economy is in an expansion phase of the business cycle
Land, Labor, Capital and Entrepreneurship are collectively called;
The basic economic problem
Wants vs needs evaluation
The factors of production
Supply and demand
Occurs when consumers react to a change in the price of a good or service by buying a substitute product.
Income effect
Law of diminishing marginal utility
Demand
Substitution effect
Goods that consumers demand less of when their incomes rise.
Gross domestic product
Normal goods
Inferior goods
Market size
When the use of one good increases the demand for another good, the two goods are said to be
Normal goods
Inferior goods
Complements
Substitutes
According to the Law of Supply; as prices fall...
Quantity supplied falls
Quantity demanded falls
Quantity supplied rises
None of these
Occurs when the quantity demanded and the quantity supplied at a particular price are equal
Market equilibrium
Equilibrium price
Elasticity of price
Surplus
The price at which the quantity demanded and the quantity supplied are the same
Market equilibrium
Equilibrium price
Elastic
Inelastic
money paid to the government through income, sales, and purchase of property
taxes
goods
scarcity
human resource
A good made in the United States and sent to other countries
export
consumer
savings
taxes
Good used to make products or other services. Basic Categories: Tools, Equipment, Buildings, Machinery.
Capital Resources
Natural Resources
Human Resources
None
According to the Law of Supply, as the price of a good increases,
buyers will buy more of the good.
buyers will buy less of the good.
sellers will produce more of the good.
sellers will produce less of the good.
The _______________________ of market prices directs buyers and sellers towards activities that promote the general welfare.
prices
free market
invisible hand
comparative advantage
Sum of the employed and the unemployed
Employed
Unemployment
Labor Force
The Law of Demand states that as prices rise, quantity demanded ______________.
Rises
Falls
Stays the Same
According to the graph, approximately _________ would be supplied and demanded at the equilibrium price of __________.
18; $3.50
5; $4.60
2; $2.00
47; $0.60
If you lose your job due to automation, what type of unemployment are you experiencing?
Structural
Frictional
Seasonal
Cyclical
In the business cycle model, a recession is MOST LIKELY
A turnaround point where the real GDP stops going up
A turnaround point where the real GDP stops going down
A period during which the real GDP increases for two quarters in a row
A period during which the real GDP decreases for two quarters in a row
What will directly result in an increase in China's Gross National Product?
increased wages earned in a Malaysian-owned factory in China
increased imports of goods and services
increased outflows of net property income
increased taxes on domestic expenditure
What is likely to be the effect of a fall in oil prices on the global economy?
a decrease in the rate of economic growth
a decrease in unemployment
a strengthening of cost-push inflation
a weakening of demand-pull inflation
A period of macroeconomic expansion or growth, followed by a period of contraction, or decline.
Business Cycle
Circular Flow
Equilibrium
GDP
Not included
An inward shift in the PPF depicts
Economic Growth
Economic Development
Higher standard of living
A recession
