wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics Course Final

Total questions: 97

Worksheet time: 3hrs 49mins

Name
Class
Date
1.
What does point Y represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
2.
What does point B represent?
a)
Production at greater than the country's minimum potential
b)
Production is less than the country's minimum potential
c)
Productive inefficiency
d)
Productive efficiency
3.
Labor, human capital, entrepreneurship, natural resources, and capital are all examples of which of the following?
a)
Outputs
b)
Substitutes in Production
c)
Absolute Advantage
d)
Factors of Production
4.
Which point represents "resources are not being used efficiently, or resources are being wasted or idle"?
a)
Point A
b)
Point Y
c)
Point X
d)
All of the above
5.
Factors that make it difficult for new firms to enter a market are called
a)
Barriers to entry
b)
Factors of production
c)
Limited supply
d)
Monopolistic Outlook
6.

What prevents firms from entering a monopoly?

a)

Barriers to Entry

b)

Technology

c)

Price

d)

Barriers to Travel

7.
Businesses can "Collude" or work together to set prices
a)
Oligopoly
b)
Monopoly
c)
Perfect Competition
8.
Choose the example that goes best with an oligopoly.
a)
apples
b)
cell phone providers
c)
utilities
d)
clothing
9.

Which of the following industries is an example of a monopoly?

a)

utilities/water

b)

department stores

c)

auto industry

d)

commercial airlines

10.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
11.

A market that has a few sellers of basically the same goods.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

12.

Public utilities are an example.

a)

Perfect Competition

b)

Natural Monopoly

c)

Monopolistic Competition

d)

Oligopoly

13.

In this market, the producer is the least responsive to buyers' needs and wants.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

14.

Which type of market structures has many producers (companies) and sell similar but different products from each other? These companies have a little control over the price and there are relatively low barriers to entry.

a)

perfect competition

b)

monopolistic competition

c)

oligopoly

d)

monopoly

15.
List the four market structures in order from least competitive to most competitive.
a)
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
b)
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
c)
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
d)
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
16.

Market failure occurs whenever

a)

free markets fail to distribute resources efficiently.

b)

goods fail to arrive at a market in a timely fashion.

c)

government builds infrastructure.

d)

voluntary exchange in a market fails to result in a sale.

17.
How many firms are there in a perfect competition?
a)
1
b)
2-5
c)
Many
18.
Why does no one firm dominate in a perfect competition?
a)
No firm wants to
b)
Each firm sells to different people
c)
Each firm produces so little of the total supply that they cannot influence prices
d)
One firm will eventually dominate and make it a monopoly
19.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
20.
Which is NOT a characteristic of a monopoly?
a)
Seller sets the market price
b)
Entry into the market is easy
c)
Firm sells a unique product
d)
One seller
21.
Cartels are illegal in the United States.
a)
True
b)
False
22.
Why do cartels NOT last?
a)
illegal
b)
members have to keep agreement
c)
they lose money
d)
products are competitive
23.
If Nike and Adidas merge, it would be a _____________ merger
a)
horizontal
b)
vertical
c)
insane
d)
ladder
24.
An oil driller, oil refinery, and gas company merge.... this is a ________________ merger
a)
horizontal
b)
vertical
c)
inappropriate
d)
monopolistic
25.

The difference between representative money and fiat money is that

a)

representative money is worth more than fiat money.

b)

fiat money is counted in coins; representative money is counted in paper dollars.

c)

fiat money is more durable than representative money.

d)

representative money is backed by silver or gold, ; fiat money is not.

26.

The fact that a $10 bill received today will still be worth $10 100 years from now is an example of which function of money?

a)

Store of value

b)

Unit of account

c)

Medium of exhange

27.
"The Fed" refers to the....
a)
Federal Bureau of Investigation
b)
Federal Government
c)
Federal Reserve System
d)
Federal Income Tax
28.

What does Inflation do to the value of money? Clarification:(Prices-> Rise so the value of money does what?)

a)
Makes it go up.
b)
Makes it go down.
c)
Makes it stay the same.
29.

A rise in the cost of goods and services is called...

a)

inflation

b)

discount rate

c)

interest

d)

deflation

30.

Taxes are collected by

a)

Businesses

b)

Parents

c)

Foreign countries

d)

Government

31.

IRS stands for

a)

Internal Revenge Service

b)

International Revenue System

c)

Internal Revenue Service

d)

Inspection Ravioli Sauce

32.

You must file state income taxes in Texas.

a)

True

b)

False

33.

The business cycle is made up of how many phases?

a)

5

b)

4

c)

3

d)

2

34.

The business cycle directly measures which economic goal?

a)

full employment

b)

growth

c)

price stability

35.

Which of the following is a recession, or contraction?

a)

A

b)

B

c)

C

d)

D

36.

Which of the following is a peak?

a)

A

b)

B

c)

C

d)

D

37.

Which of the following is an expansion, or recovery?

a)

A

b)

B

c)

C

d)

D

38.

Which of the following is a trough?

a)

A

b)

B

c)

C

d)

D

39.

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction/Recession

c)

Trough

d)

Expansion/Growth/Recovery

40.

If a news headline says, "6 straight years of growth! How much longer can the economy keep up?"

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction/Recession

c)

Trough

d)

Expansion/Growth/Recovery

41.
Who opened the first McDonald’s restaurant?
a)
The McDonald brothers in San Bernardino, California in 1948.
b)
Ray Kroc in Des Plaines, Illinois in 1955.
42.
This is the legal right granted to an individual (or group) to operate a business as if it were part of a larger chain of stores.
a)
franchise
b)
patent
43.
The franchisee must follow ALL rules stated in the franchise agreement.
a)
True
b)
False
44.

I took out a -------------- to buy a house last year.

a)

Stock

b)

loan

c)

Bond

d)

Life Insurance

45.

I would like to open a bank ----------- , please.What can I do?

a)

account

b)

calculate

c)

transfer

46.

is an asset or item acquired with the goal of generating income or appreciation?

a)

Credit Score

b)

secured loan

c)

investment

d)

interest

47.

Interest earned on both the principle amount and any interest already earned

a)

risk-return relationship

b)

debt

c)

collateral

d)

compound interest

48.

a number assigned to a person that indicates to lenders their capacity to repay a loan.

a)

Credit Score

b)

dividend

c)

secured loan

d)

budget

49.

The portion of corporate profits paid out to stockholders

a)

compound interest

b)

Dividend

c)

Bankruptcy

d)

Investment

50.

A plan for making and spending money

a)

debt

b)

diversification

c)

budget

d)

closed-end credit

51.

Spreading out investments to reduce risk

a)

Diversification

b)

Bankruptcy

c)

Credit score

d)

Compound interest

52.

Individuals and businesses use _______ ______ to protect against financial loss due to death, disability, accidents, property damage, and other misfortunes.

a)

Investment Banks

b)

Internet Banks

c)

Insurance Companies

d)

Mortgage Companies

53.

What is financing?

a)

Ability to borrow money to start or expand a business

b)

ability to spend money to start and expand a business

c)

abiity to develp a business plan

d)

ability to make decisions on what capital is needed for the business

54.

What is a liability?

a)

a company's legal obligation to report to the SEC

b)

a company's legal ability to make decisions on the factors of production

c)

a company's legal financial debts or other obligations resulting from its daily business operations

d)

a company's legal financial decisions based on the overall balance sheet

55.
What is a company called that sells stock to raise money?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
d)
Limited Partnership
56.
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
a)
corporation
b)
partnership
c)
proprietorship
57.
Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? 
a)
Consumer – a person who uses or consumes goods
b)
 Partnership –  partner in the lemonade stand
c)
Entrepreneur-  - person who takes a risk to start a new company
58.
Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?
a)
corporation
b)
partnership
c)
sole proprietorship
59.
What is a business owned by stockholders/investors but operated by others?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
60.
Import means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
61.
Export means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
62.
To focus on producing one thing to improve productivity is known as:
a)
Specialization
b)
International trade
c)
Absolute Advantage
d)
Supply and Demand
63.
When determining comparative advantage one must determine 
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos 
64.
If I am better at all types of production, I have the ______ in all forms of production.
a)
Comparative advantage
b)
Specialization
c)
Absolute advantage
d)
developed nation
65.
A trade agreement between 27 countries of with the same currency and open trade between those nations.
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
66.
A trade agreement between Canada, Mexico, and the US
a)
NAFTA
b)
EU
c)
WTO
d)
ABC
67.
This is a tax on imports that is used to increase price of foreign products and raise government revenue. 
a)
tariff
b)
quota
c)
subsidy
d)
embargo
68.
If nations limit trade in of clothing who will benefit?
a)
Domestic Consumers of clothing
b)
Domestic producers of clothing
c)
Foreign Producers of clothing 
d)
department stores who sell clothing
69.
Not trading with nations who create products using child labor is used in the argument for
a)
Domestic Jobs
b)
National Defense 
c)
Human Rights
d)
Environment 
70.
Factors that make it difficult for new firms to enter a market are called
a)
Barriers to entry
b)
Factors of production
c)
Limited supply
d)
Monopolistic Outlook
71.

What prevents firms from entering a monopoly?

a)

Barriers to Entry

b)

Technology

c)

Price

d)

Barriers to Travel

72.
Businesses can "Collude" or work together to set prices
a)
Oligopoly
b)
Monopoly
c)
Perfect Competition
73.
Choose the example that goes best with an oligopoly.
a)
apples
b)
cell phone providers
c)
utilities
d)
clothing
74.

A market that has a few sellers of basically the same goods.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

75.

Public utilities are an example.

a)

Perfect Competition

b)

Natural Monopoly

c)

Monopolistic Competition

d)

Oligopoly

76.
How many firms are there in a perfect competition?
a)
1
b)
2-5
c)
Many
77.
Why does no one firm dominate in a perfect competition?
a)
No firm wants to
b)
Each firm sells to different people
c)
Each firm produces so little of the total supply that they cannot influence prices
d)
One firm will eventually dominate and make it a monopoly
78.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
79.

These are the things we desire to have.

a)

Wants

b)

Goals

c)

Opportunity Costs

80.

Because of scarcity, people are forced to make _________ about how to use resources.

a)

Choices

b)

Opportunities

c)

Houses

d)

Desires

81.

The opportunity cost of a good is

a)

its price in dollars and cents.

b)

the alternative goods forgone.

c)

the price of alternative goods foregone.

d)

none of the other options

82.

In economics a decision is free if:

a)

There is no money involved.

b)

There are no products involved.

c)

There is no exchange with another person.

d)

A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.

83.

Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?

a)

Shoes

b)

Jacket

c)

Dress

d)

Purse

84.

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

a)

Ford

b)

Honda

c)

Toyota

d)

Dodge

85.

Limited Resources + Unlimited Wants =

a)

Scarcity

b)

Productivity

c)

Opportunity Cost

d)

Efficiency

86.

A trade-off is

a)

a purchase in a marketplace.

b)

an alternative that we sacrifice when we make a decision.

c)

any good or service a consumer needs.

d)

a factor of production.

87.
Which of the following best describes the relationship between trade offs and opportunity cost?
a)
opportunity costs happen because of trade offs
b)
opportunity costs are the opposite of trade offs
c)
trade offs lower the opportunity cost of an economic decision
d)
trade offs occur when there are no opportunity costs
88.

Human wants are greater than the resources that are available to satisfy them.” This implies the need for

a)

working harder.

b)

asking for less.

c)

leaving decisions to fate.

d)

making choices to allocate resources.

89.

In economics, when discussing the factors of production, the term land refers to

a)

farmland.

b)

real estate.

c)

capital goods.

d)

all natural resources.

90.

Which of these terms is the BEST synonym for the word "entrepreneur"?

a)

"business owner"

b)

"home owner"

c)

"employee"

d)

"student"

91.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
92.
A benefit is something good or helpful.
a)
True
b)
False
93.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
94.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
95.

True/False: Human wants will always exceed available resources.

a)

TRUE

b)

FALSE

96.

What is a Need

a)

are desires that can be satisfied by consuming a good or service.

b)

Goals

c)

 are things such as food, clothing and shelter, that are necessary for survival. 

d)

Name Brand Clothes

97.

A Trade-off is

a)

a purchase in a marketplace.

b)

an alternative that we sacrifice when we make a decision.

c)

any good or service a consumer needs.

d)

a factor of production.

Similar Resources on Wayground

Chapter 11-12 Economics Study Guide

99 questions

Chapter 11-12 Economics Study Guide

quiz

Worksheet

•

12th Grade

APUSH PERIOD 8 and some 9

95 questions

APUSH PERIOD 8 and some 9

quiz

Worksheet

•

9th - 12th Grade

KEBERAGAMAN SUKU DAN BUDAYA DI INDONESIA

100 questions

KEBERAGAMAN SUKU DAN BUDAYA DI INDONESIA

quiz

Worksheet

•

7th Grade - University

Unit1 ReTake: History/Theories, Research/Experiments,Personality

101 questions

Unit1 ReTake: History/Theories, Research/Experiments,Personality

quiz

Worksheet

•

11th - 12th Grade

History - Second Semester Exam Review

100 questions

History - Second Semester Exam Review

quiz

Worksheet

•

8th - 12th Grade

FAKTOR PENDORONG & MANFAAT PERDAGANGAN INTERNASIONAL

100 questions

FAKTOR PENDORONG & MANFAAT PERDAGANGAN INTERNASIONAL

quiz

Worksheet

•

8th Grade - University

Exam Review

100 questions

Exam Review

quiz

Worksheet

•

KG - 12th Grade