WorksheetsMajor Economic Review
Total questions: 100
Worksheet time: 35mins
Name
Class
Date
1.
What is the inability to satisfy all wants at the same time?
a)
Choice
b)
Incentive
c)
Scarcity
2.
What are the factors used during the production of goods and services like natural, human, capital, and entrepreneurship?
a)
Opportunity Cost
b)
Resources
c)
Choice
3.
What is it called when you select an item or action from a set of possible alternatives?
a)
Resources
b)
Choice
c)
Incentive
4.
What is the value of what is given up when a choice is made?
a)
Opportunity Cost
b)
Choice
c)
Incentive
5.
What are actions that motivate buyers called, such as buy one get one 50% off, BOGO, or FREE financing?
a)
Choice
b)
Incentive
c)
Scarcity
6.
Combing resources to make goods or provide services is called...
a)
Production
b)
Consumption
c)
Scarcity
7.
Using goods and services is called
a)
Production
b)
Consumption
c)
Scarcity
8.
Consumer preferences, resources available, and price determine what is....
a)
Produced
b)
Consumed
c)
Produced and Consumed
9.
We have unlimited wants but our resources are....
a)
Choice
b)
Limited
c)
Scarcity
10.
What causes consumers, producers, and governments to make difficult choices?
a)
Production
b)
Consumption
c)
Scarcity
11.
What are the three basic questions of Economics?
a)
What will be produced?
b)
For whom will it be produced?
c)
Why is it produced?
d)
How will it be produced?
e)
How much will this cost?
12.
The type of economy a country has is determined by the amount of...
a)
Good produced
b)
Government Involvement
13.
In this type of economy, people do the same work as their parents and gradparents. Their job isbased on custom and historical precedent.
a)
Free Market Economy
b)
Mixed Economy
c)
Traditional Economy
d)
Command Economy
14.
This type of economy has the least amount of government involvement. There is private ownership of proterty and resources.
a)
Free Market Economy
b)
Mixed Economy
c)
Traditional Economy
d)
Command Economy
15.
This type of economy has the most amount of government involvement with central ownership of property and resources. It is centrally planned and there is a lack of consumer choice.
a)
Free Market Economy
b)
Mixed Economy
c)
Traditional Economy
d)
Command Economy
16.
In this type of economy, decisions are made by individuals, businesses, and the government. An example of this type of economy is the US economy.
a)
Free Market Economy
b)
Mixed Economy
c)
Traditional Economy
d)
Command Economy
17.
Wherever and whenever buyers and sellers exchange goods and services.
a)
Markets
b)
Private Sector
c)
Public Sector
18.
Markets are allowed to operate without undue interference from the government is called...
a)
Free Market
b)
Free Enterprise
c)
Public Sector
19.
Government gets involved in this sector of the economy when the benifit outweighs the cost, but economic decisions are limited
a)
Public Sector
b)
Private Sector
20.
Most production and economic decisions are made by individuals and businesses in this sector of the economy...
a)
Public Sector
b)
Private Sector
21.
What do individuals and businesses have the right to own?
a)
Private property
b)
Profits
c)
Price
22.
What are the earning after all expenses have been paid?
a)
Price
b)
Profit
c)
Private Property
23.
What results in better quality goods at a lower price and is a rivalry between producers and sellers?
a)
Price
b)
Profit
c)
Motive
d)
Competition
24.
What is the power of the buyer to determine what good and services will be produced?
a)
Competition
b)
Consumer Sovereignty
c)
Consumer Choice
25.
Amount of money exchanged for a good or service. This is also determined by supply and demand.
a)
Profit
b)
Price
c)
Equilibruim Price
26.
Consumers will buy more of a good or service at a lower prices and less at a higher price
a)
Law of Supply
b)
Law of Demand
27.
The amount that producers are willing and able to sell at a given price.
a)
Supply
b)
Demand
28.
Producers will produce more when they can sell at a higher price than when their goods are selling at a lower price.
a)
Law of Supply
b)
Law of Demand
29.
The price where supply meets demand. Everyone who wants to buy or sell at that price can.
a)
Price
b)
Profit
c)
Equillibrium Price
30.
The amount that consumers are willing and able to buy at a given price.
a)
Supply
b)
Demand
31.
A business owenership with one owner who takes all the risk and all the profits.
a)
Sole proprietorship
b)
Entrepreneur
c)
Corperation
d)
Partnership
32.
A business ownership with two or more owners who share the risks and the profits.
a)
Sole proprietorship
b)
Entrepreneur
c)
Corperation
d)
Partnership
33.
A business ownership that acts as a "legal person." Profits are shared and liability is limited.
a)
Sole proprietorship
b)
Entrepreneur
c)
Corperation
d)
Partnership
34.
A person who takes a risk in order to make a profit.
a)
Sole proprietorship
b)
Entrepreneur
c)
Corperation
d)
Partnership
35.
Entrepreneurs create new products and deliver products in innovative ways which increases....
a)
Job loss
b)
Competition
c)
Career Development
d)
Economic Growth
36.
Resources, goods, services, money move between individuals, businesses, and government. What does this statement describe?
a)
The Economic Flow (Circular)
b)
The Business Flow
c)
The Economic Transition
37.
Who owns the resources, sells resources, and uses the income to purchase products?
a)
Businesses
b)
The Government
c)
Individuals
38.
Who buys resources, makes products to sell, and use the profits to buy more resources?
a)
Businesses
b)
The Government
c)
Individuals
39.
Who uses tax revenue to provide public goods and services?
a)
Businesses
b)
The Government
c)
Individuals
40.
What allows the federal government to generate revenue by collecting an income tax?
a)
16th Amendment
b)
14th Amendment
c)
1st Amendment
41.
Innovations in __________ like the Internet contribute to the global flow of information, capital, goods, and services.
a)
Resources
b)
Technology
42.
What are private financial institutions?
a)
Banks and Credit Unions
b)
The Fed
43.
Who do private financial institutions bring together?
a)
Government
b)
Savers
c)
Businesses
d)
Borrowers
44.
How do private financial institutions encourage saving and investing?
a)
Providing free money
b)
Providing interest on deposits
c)
Offering free checking
45.
Private financial institutions receive __________ and make __________.
a)
Deposits
b)
Insurance
c)
Loans
d)
Brokers
46.
Private financial institutions provide ___________ to help businesses start and expand.
a)
Resources
b)
Capital
47.
Worldwide buying & selling of goods & services by business, individuals, & governments.
a)
Global Resources
b)
Global Economy
48.
To increase wealth and create jobs are __________ to other countries.
a)
Reasons we buy products
b)
Reasons we sell products
49.
Lower prices and products we cannot produce are __________ from other countries.
a)
Reasons we buy products
b)
Reasons we sell products
50.
Businesses specialize in the production of certain goods and services to promote ...
a)
Efficiency
b)
Growth
c)
Trade Barriers
d)
Trade Investments
51.
What can businesses use to lower the cost of production? (Henry Ford’s Assembly Line)
a)
Government Subsidies
b)
Technology
52.
Government: Anti-trust laws (stop monopolies), global trade, & support business start-ups.
a)
Ways to promote competition
b)
Ways to kill competition
53.
Government agency that regulates communications by radio, television, and other means.
a)
FTC
b)
FCC
c)
SEC
54.
Government agency that protects consumers and enforces anti-trust laws.
a)
FTC
b)
FCC
c)
SEC
55.
Government agency that regulates the stock market and protects investors.
a)
FTC
b)
FCC
c)
SEC
56.
Who benefits from public goods and services provided by the government?
a)
Individuals
b)
Aliens
c)
Businesses
d)
Government Officials
57.
Public goods and services would probably not be available if ______ had to provide them.
a)
The Government
b)
Individuals
58.
What are interstate highways, public schools, and national defense?
a)
Public Ammenities
b)
Public Good and Services
59.
How do governments pay for most public goods and services?
a)
Tax Revenue
b)
Interest on National Debt
60.
What else can governments use to pay for public goods and services?
a)
Borrowed Funds
b)
Fines
c)
Fees
d)
Monopolies
61.
What are tax payments made by individuals and businesses based on money they earned?
a)
Sales Tax
b)
Income Tax
c)
Property Tax
62.
What tax do consumers pay on items they purchase? It is a percentage of the price.
a)
Sales Tax
b)
Income Tax
c)
Property Tax
63.
What is a tax levied on land, buildings, boats and cars?
a)
Sales Tax
b)
Income Tax
c)
Property Tax
64.
National defense, homeland security, and some medical expenditures such as Medicare.
a)
Things the State/Local Government pays for.
b)
Things the Federal Government pays for.
65.
Public health and welfare, and Road construction and repair.
a)
Things the State/Local Government pays for.
b)
Things the Federal Government pays for.
66.
Payments to Social Security recipients and interest payments on the national debt.
a)
Things the State/Local Government pays for.
b)
Things the Federal Government pays for.
67.
Education and Public safety, including police and fire departments.
a)
Things the State/Local Government pays for.
b)
Things the Federal Government pays for.
68.
The income tax is a main source of revenue for the ...
a)
Federal Government
b)
State Government
c)
Local Government
69.
Income taxes and sales tax are key sources of revenue for ...
a)
Federal Government
b)
State Government
c)
Local Government
70.
Property and sales taxes are key sources of revenue for most ...
a)
Federal Government
b)
State Government
c)
Local Government
71.
What is the central bank of the United States?
a)
Stock Exchange
b)
Bank of America
c)
The Federal Reserve
72.
The Federal Reserve ___________ to keep banking systems sound and deposits safe.
a)
Regulate Trade and Commerce
b)
Regulate Banks
73.
What does the Federal Reserve provide banks and the federal government?
a)
Financial Services
b)
Economic Freedom
74.
Who is appointed by the President and approved by the Senate to lead the Federal Reserve?
a)
The Governor
b)
The Chairperson
c)
The Banker
75.
The Federal Reserve consists of the Chairperson, the Board of Governors, and _________.
a)
12 Bank of Americas
b)
12 Federal Reserve Banks
76.
The Federal Reserve influences the money supply and interest rates to keep ...
a)
Inflation low and stable
b)
Inflation high and stable
77.
What does The Fed raise to slow economic growth and lower inflation to boost the economy?
a)
Investments
b)
Incomes
c)
Interest Rates
78.
The right to own private property is protected by ________ that are enforceable by the law.
a)
Legal Action
b)
Negotiated Lawyers
c)
Negotiated Contracts
79.
Government agencies establish guidelines to protect ...
a)
Consumer Choice
b)
Public Health and Safety
80.
If your consumer rights are violated, you can take ...
a)
Negotiate Contracts
b)
Take legal action
81.
Government agency that protects the public from unsafe and harmful products.
a)
CPSC
b)
EEOC
c)
EPA
d)
FDA
e)
OSHA
82.
Government agency that ensures food and drugs sold by producers are safe for the public.
a)
CPSC
b)
EEOC
c)
EPA
d)
FDA
e)
OSHA
83.
Government agency that assures safe and healthful working conditions for workers.
a)
CPSC
b)
EEOC
c)
EPA
d)
FDA
e)
OSHA
84.
Government agency that prevents discrimination against job applicants and employees.
a)
CPSC
b)
EEOC
c)
EPA
d)
FDA
e)
OSHA
85.
Government agency protects the environment – the air, land and water.
a)
CPSC
b)
EEOC
c)
EPA
d)
FDA
e)
OSHA
86.
Money is anything that is generally accepted as a method of ...
a)
Price
b)
Payment
c)
Purchasing Power
87.
People use the money issued by the government because they have ...
a)
Lots of Dollars
b)
Confidence in the Money
c)
Confidence in the Government
88.
What makes it easier to trade, save and invest, and compare/measure value?
a)
Money
b)
Price Points
c)
Stock Excahnges
89.
What are coins, currency, checks and debit cards?
a)
Types of Capital
b)
Types of Money
90.
What is a person’s education, knowledge, skills, experiences, health, training, and talents?
a)
Human Investment
b)
Human Capital
91.
What should career planning start with?
a)
Attitudes and behaviors
b)
Interest, Talents, and Aspirations
c)
A self assessment
92.
What should you looik at when doing a self assessment and when career planning?
a)
Attitudes and behaviors
b)
Interest, Talents, and Aspirations
93.
Employers seek employees with...
a)
Higher Incomes
b)
Strong Work Ethic
94.
What can contribute to career success?
a)
Correct attitudes and behaviors
b)
Strong Work Ethic
c)
Higher Incomes
95.
Higher skill and education levels generally leads to...
a)
Attitudes and behaviors
b)
Strong Work Ethic
c)
Higher Incomes
96.
High demand jobs with a low supply of workers can lead to a
a)
Stronger work ethic
b)
Higher Income
c)
New Job
97.
New technology can create_____ ______ in the workplace...
a)
New jobs
b)
More work
c)
Higher demand
98.
What allows people to work across international borders and creates competition for jobs?
a)
New jobs
b)
Techonolgy
c)
Attitudes and behaviors
99.
What are three things that can protect consumers when they buy a product?
a)
Contracts
b)
Investments
c)
Warranties
d)
Guarantees
100.
Making careful spending decisions, saving for the future, having insurance, keeping to a budget, and using credit wisely are all ways to be ...
a)
Economically savy
b)
Fisically Responsible
c)
Make mo money!
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