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Economics - Spring Midterm

Total questions: 102

Worksheet time: 54mins

Name
Class
Date
1.

Which term refers to the fact that resources are limited?

a)

Investment

b)

Scarcity

c)

Profit

d)

Capital

2.

Which of the following statements best describes scarcity?

a)

People have unlimited wants but limited resources

b)

Inexpensive production means more profit

c)

People have limited wants but unlimited resources

d)

There is a cost to every decision

3.

The role of government in the economy should reflect the desires of the people.

a)

True

b)

False

4.

The U.S. government provides many goods and services for its citizens, but can also be a consumer.

a)

True

b)

False

5.

Economic freedom means an employer can hire and fire whoever they want.

a)

True

b)

False

6.

Economic products designed to satisfy people's wants and needs.

a)

Consumer goods

b)

Value

c)

Utility

d)

Services

7.

The ______ of a computer can be expressed in dollars and cents.

a)

Opportunity cost

b)

Value

c)

Utility

d)

Services

8.

The ______ of going to a football game instead of working would include the money not earned at your job.

a)

Opportunity cost

b)

Value

c)

Utility

d)

Services

9.

People who use goods and services to satisfy their wants and needs are called __________.

a)

Opportunity cost

b)

Factors of production

c)

Consumers

d)

Services

10.

What is demand?

a)

the amount of an item you have

b)

how many people want your good/service

c)

the money you have left over after you paid your bills

11.

What is a stock?

a)

A loan an investor makes to a company or government that pays interest over time.

b)

A share of ownership in a company

c)

A collection of investments sold as a package.

d)

An option to purchase something in the future at todays price.

12.

What is the primary reason for a company to issue stock?

a)

The stocks help investors earn a higher rate of return

b)

To raise money to grow the company

c)

To distribute the risk of bankruptcy across more investors

d)

To increase greater awareness of the company

13.

Spreading your investments around to inrease financial security

a)

Risk assessment

b)

Diversification

c)

Stocks, bonds & cash

d)

Liquidity trap

14.
1. A tax deferred retirement investment fund for employees of for profit companies.
a)
401(k)
b)
403b
c)
457
d)
402(a)
15.
Contributions to this retirement account are made after taxes
a)
Non Roth
b)
Roth
16.
Debt investment in which investor loans money to an entity, usually corporate or governmental
a)
Bond
b)
Stock
c)
Cash
d)
Annuity
17.
When things are more expensive next year than this year that it is called . . . 
a)
deflation
b)
inflation
c)
inspiration
d)
insultation
18.
As you get older your investments should get . . .
a)
more speculative
b)
more conservative
c)
more risky
d)
age does not matter
19.

What is a budget?

a)

A plan for how money will not be used

b)

A plan for how money will be used

c)

The amount you spend

d)

The amount you save

20.

What is this called?

a)

A Check

b)

A credit card

c)

A debit card

d)

Money Order

21.

What is this?

a)

Credit history

b)

Credit card

c)

Credit score

d)

None of the above

22.
This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.
a)
compound
b)
sinking
c)
annual
23.
The cost of borrowed money, usually expressed as a percentage.
a)
interest
b)
savings plan
c)
scarce
d)
purchase
24.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
25.
This type of retirement account offered by employers to their employees allows them to set aside tax-deferred income.  Sometimes employers will even match the employee contribution up to a certain amount.
a)
mutual fund
b)
401(k)
c)
Roth IRA
d)
savings
26.
This term refers to the original amount of a loan OR the original amount of money invested. 
a)
Principal
b)
Interest
c)
Rebate
d)
Fixed Rate
27.
Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest). 
a)
Savings
b)
Profit
c)
Budgeting
d)
Credit
28.

Our tax money is spent on all of the following EXCEPT:

a)

Social Security

b)

The Military

c)

Private School Education

d)

National Parks

29.

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

a)

True

b)

False

30.
What do we call the money a person makes from a job, especially if paid hourly?
a)
minimum
b)
wage
c)
bonus
d)
dollars
31.
the least or smallest amount
a)
most
b)
maximum
c)
minimum
d)
median
32.
to become greater or make greater in size
a)
decrease
b)
shrink
c)
maintain
d)
increase
33.
the state of being unemployed or without a job, but available to work
a)
proponents
b)
unemployment
c)
poverty
d)
employer
34.
The boss or company who hires and pays a person for work
a)
employer
b)
employment
c)
poverty
d)
unemployment
35.
being extremely poor or without enough money to buy food and pay rent
a)
middle class
b)
poverty 
c)
unemployment
d)
opponent
36.
The ____________ I get paid for my work help to feed my family.
a)
minimum
b)
wage
c)
poverty
d)
vacation
37.
I want to save money. I need to ___________ the amount that I spend.
a)
increase
b)
maintain
c)
enlarge
d)
decrease
38.

The out of pocket cost to the insured when a loss occurs is called...

a)

Premium

b)

Deductible

39.
My family is going on vacation this summer, so we are sticking to a ______ to save money.
a)
Income
b)
Savings
c)
Budget
d)
Expenses
40.
If an expense can be cut from your budget to save money, it is considered a ______.
a)
Income
b)
Want
c)
Need
d)
Savings
41.
If an expense can not be cut from your budget to save money, it is considered a _____.
a)
Income
b)
Want
c)
Need
d)
Savings
42.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
43.

Your credit score is not configured off of which of the following:

a)

Payment history

b)

Amount of money owed

c)

Grades in School

d)

Length of credit history

44.

When inflation is high, the _______ of the dollar decreases.

a)

Cost value

b)

Importance

c)

Purchasing power

d)

Validity

45.

If the CPI goes from 100 to 300 and your salary goes from $100,000 to $200,000, what happened to your purchasing power?

a)

Increase

b)

Decrease

c)

No change

46.

An index that measures the price of a market basket of goods that typical consumers purchase.

a)

Bank

b)

Consumer Price Index

c)

Federal Reserve

d)

Inflation

47.

Who is most likely to be hurt by inflation?

a)

Someone who borrowed money

b)

A business owner

c)

The U.S. government

d)

A retiree on a fixed income

48.

________ refers to a decrease in price level.

a)

Hyperinflation

b)

Deflation

c)

Stagflation

d)

Disinflation

49.

Cars made by a Japanese company located in California are counted in the GDP of the U.S.

a)

True

b)

False

50.

Cars made by a U.S. company located in South Korea are counted in the GDP of the U.S.

a)

True

b)

False

51.

High levels of GDP per capita indicate...

a)

higher levels of happiness.

b)

equal levels of wealth.

c)

self-sufficient communities.

d)

higher standard of living.

52.

Expectant parents buy supplies for the nursery. Would this be included in the GDP?

a)

Yes

b)

No

53.

The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry. Is this included in the GDP?

a)

Yes

b)

No

54.

GDP is calculated by

a)

adding up the cost of goods used in producing the item.

b)

adding consumption, investments, government spending, and net exports.

c)

subtracting all costs from total revenue

d)

adding all profit made within a particular country

55.

Talladega Super Speedway will sell millions of dollars on NASCAR merchandise on race weekend. Will this be included in GDP?

a)

Yes

b)

No

56.

What does 'per capita' mean?

a)

Per household

b)

Per worker

c)

Per object

d)

Per person

57.

A shoe produced in South Korea and sold in the U.S.

a)

Included in U.S. GDP

b)

Included in South Korea GDP

c)

Included in both U.S. and South Korea GDP

58.

A woman who lost her job due to a decrease in sales during a recession in the economy is...

a)

fictionally unemployed

b)

structurally unemployed

c)

seasonally unemployed

d)

cyclically unemployed

59.

A helper on a farm that is unemployed when the crop season is over is...

a)

fictionally unemployed

b)

structurally unemployed

c)

seasonally unemployed

d)

cyclically unemployed

60.

Which of these is NOT a characteristic of an unemployed person?

a)

He/she does not work

b)

He/she has made specific efforts to find a job

c)

He/she is going back to college

d)

He/she is available to work full time

61.

The sum of the employed and the unemployed equals

a)

the employed.

b)

the unemployed.

c)

the labor force.

d)

the population.

62.

If operators are fired and replaced with computer technology, the operators would be considered

a)

fictionally unemployed

b)

structurally unemployed

c)

seasonally unemployed

d)

cyclically unemployed

63.

The unemployment rate will drop if

a)

a person is hired into a new job.

b)

an unemployed person stops looking.

c)

someone who was previously laid off is rehired.

d)

ALL of these answers are correct.

64.

Which of these people is officially unemployed?

a)

A secretary who took 6 months off for maternity leave.

b)

A maid who got fired and will start a new job in 3 weeks.

c)

An aspiring actress who waits tables but would rather act.

d)

A student who is only available to work 4 hours a week.

65.

'The Fed' refers to the...

a)

Federal Bureau of Investigation

b)

Federal Reserve System

c)

The U.S. Treasury Department

d)

Federal Government

66.

What does inflation do to the value of moeny?

a)

Makes it go up

b)

Makes it go down

c)

Makes it stay the same

67.

To qualify for unemployment you must be a U.S. citizen, over 16 years old, able to work full time, and actively seeking employment.

a)

True

b)

False

68.

People with higher education tend to be unemployed at a higher percentage.

a)

True

b)

False

69.

Which of the following work with their hands and have little or no formal training.

a)

Unskilled Labor

b)

Skilled Labor

c)

Professional Labor

d)

All of the above

70.

Which of the following have a skill or formal training in a particular field.

a)

Unskilled Labor

b)

Skilled Labor

c)

Professional Labor

d)

All of the above

71.

Describe inflation and explain the causes.

4 lines
72.

Explain how the CPI measures inflation.

4 lines
73.

What is Gross Domestic Product and how is it used?

4 lines
74.

When the supply of a product or service goes up and the demand stays the same the Price will typically do what?

a)

Rise

b)

Fall

c)

Stay the same

d)

Both go up and down

75.

When the demand for a product or service is higher than the supply this causes what?

a)

Shortage

b)

Surplus

c)

Equilibrium

d)

Consumer

76.

a person or company that makes, grows, or supplies goods to sell is called the?

a)

Demand

b)

Producer

c)

Consumer

d)

Price

77.

The desire or willingness a consumer has to purchase a good or a service is called?

a)

Shortage

b)

Supply

c)

Price

d)

Demand

78.

The amount of goods or services available is called?

a)

Supply

b)

Demand

c)

Producer

d)

Consumer

79.

An individual or group who purchases goods.

a)

Producer

b)

Consumer

c)

Goods

d)

Services

80.

The point where supply and demand are balanced is?

a)

Product

b)

Demand

c)

Surplus

d)

Equilibrium

81.

When there is a shortage the price will usually?

a)

Rise

b)

Fall

c)

Remain the same

d)

Go up and down

82.

The using up of a resource.

a)

Scarcity

b)

Supply

c)

Services

d)

Consumption

83.

A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?

a)

Supply will go up

b)

Supply will go down

c)

Supply will stay the same

d)

Supply will go up and down

84.

In 1940, scientists invented a new form of synthetic, or artificial, rubber. It was cheaper to work with than natural rubber. What happened to the overall supply of rubber tires after 1940?

a)

Supply went up

b)

Supply went down

c)

Supply stayed the same

d)

Supply went up and down

85.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

Supply will go up

b)

Supply will go down

c)

Supply will stay the same

d)

Supply will go up and down

86.

Last year, 50,000 people lived in the city of Fairfax.

But since then, 8,000 people have moved away. What probably happened to the overall supply of houses for sale in Fairfax?

a)

Supply will go up

b)

Supply will go down

c)

Supply will stay the same

d)

Supply will go up and down

87.

In the 1970s, several countries in the Middle East decided to pump less oil from their oil wells. Oil is often made into gasoline. What happened to the world's overall supply of gasoline?

a)

Supply went up

b)

Supply went down

c)

Supply stayed the same

d)

Supply went up and down

88.

Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?

a)

Supply went up

b)

Supply went down

c)

Supply stayed the same

d)

Supply went up and down

89.

According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?

a)

Supply will go up

b)

Supply will go down

c)

Supply will stay the same

d)

Supply will go up and down

90.

Last year, 50 babies were born in the town of Oakland. This year, 100 babies were born there. What probably happened to the overall demand for diapers in Oakland?

a)

It will go up

b)

It will go down

c)

It will stay the same

d)

It will go up and down

91.

This part of the market determines DEMAND

a)

Buyers

b)

Sellers

c)

Suppliers

d)

Store owners

92.

This part of the market determines SUPPLY.

a)

Buyers

b)

Sellers

c)

Consumers

d)

Us

93.

According to the law of demand, as price rises, what happens to quantity demanded?

a)

It goes up

b)

It goes down

c)

It stays the same

d)

It is not effected

94.

What does this curve represent?

a)

Supply

b)

Demand

c)

Equilibrium

d)

Surplus

95.

Goods that are bought and used together are

a)

Substitute goods

b)

Unrelated goods

c)

Complementary goods

d)

Income goods

96.

What does the graph show?

a)

Shortage

b)

Surplus

c)

Supply Table

d)

Equilibrium

97.

If the price floor was set at 320, what quantity would be purchased?

a)

20

b)

40

c)

60

d)

80

98.

what is the equilibrium price?

a)

1

b)

2

c)

3

d)

4

99.

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

a)

Price will go up

b)

Price will go down

c)

Price will stay the same

d)

Price will go up and down

100.

Few farmers have ripe cherries to sell. The supply of cherries is low. But many customers at the market want to buy cherries.The demand for cherries is high. What will happen to the price of the cherries?

a)

Price will go up

b)

Price will go down

c)

Price will stay the same

d)

Price will go up and down

101.

Explain the law of Demand

4 lines
102.

Explain the law of Supply.

4 lines

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