wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics final exam 2022

Total questions: 91

Worksheet time: 2hrs 30mins

Name
Class
Date
1.
In this type of economy, the people decide the supply, demand, and price.  
a)
Market 
b)
Traditional
c)
Command 
d)
Mixed
2.

Which type of economy has central ownership, the government, and lack of individual choice?

a)

Market

b)

Mixed

c)

Command

d)

Traditional

3.

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

a)

subsistence

b)

specialization

c)

scarcity

d)

bartering

4.

Competition and profit motive are important characteristics of a:

a)

command economy

b)

traditional economy

c)

market economy

d)

socialist economy

5.

What is Economics?

a)

The study of how people manage scarce resources

b)

The study of money

c)

The study of how money works

d)

The study of the stock market

6.

Who is the maker of goods?

a)

Producer

b)

Consumer

c)

Scarcity

d)

Supply Chain

7.

Who is the purchaser of goods?

a)

Consumer

b)

Producer

c)

Economist

d)

Supply Chain

8.

Which is NOT a factor of production?

a)

Land

b)

Labor

c)

Economic benefit

d)

Capital

9.

What is an interest rate?

a)

The cost of doing business.

b)

Sales tax

c)

A factor of production

d)

The percentage you pay on a loan.

10.

What is seasonal unemployment?

a)

Unemployment based on the seasons.

b)

Unemployment based on shortage of skills.

c)

Unemployment based on economic shortfalls.

d)

Unemployment based on economic boom.

11.

What is a simple definition of the unemployment rate?

a)

Rate of people not working and do not care to work.

b)

Rate of people who are working.

c)

Percentage of the labor force who are out of work, but are looking for a job.

d)

Percentage of the labor force who have a job.

12.

The most highly valued opportunity or alternative forfeited when a choice is made

a)

Trade

b)

Specialization

c)

Interdependence

d)

Opportunity Cost

13.

Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.

a)

Scarcity

b)

Trade

c)

Standard of Living

d)

Human Resources

14.

Specialization increases productivity because...?

a)

It Lets Workers Gain Expertise In Their Assigned Tasks

b)

It Makes The Workers "Special"

c)

It Lets Workers Socialize With Other Workers

d)

It Gives The Workers Extra Pay

15.
Stocks represent ownership in a corporation.
a)
TRUE
b)
FALSE
16.

If Claire has a fixed interest rate on a loan, what is the effect of unanticipated inflation on her?

a)

Claire gains because she is repaying the loan with money that has less purchasing power than before

b)

Claire loses because her interest rate will rise if inflation exists

c)

Claire gains because is will take less time to repay the mortgage

d)

Claire loses because her bank expects her to repay the loan immediately

17.

If an economy has increasing GDP, low unemployment rate, and increasing inflation, what is happening?

a)

It is in a slowdown

b)

The Government needs to fix the unemployment rate

c)

The FED should expand the money supply

d)

The economy is in an expansion phase of the business cycle

18.

What is the result of an increase in the value of the US dollar against the Chinese Ren?

a)

US workers would benefit

b)

Chinese importers of US goods would benefit

c)

US consumers of Chinese goods would benefit

d)

Chinese consumers of Chinese goods would benefit

19.

If the FED wants to grow/stimulate the economy, what should it do?

a)

Decrease interest rates to encourage business's to get loans and encourage economic expansion

b)

Increase interest rates to encourage business expansion

c)

increase consumer spending by reducing money supply

d)

increase the discount rate to charges banks to borrow money to increase the money supply

20.

Land, Labor, Capital and Entrepreneurship are collectively called;

a)

The basic economic problem

b)

Wants vs needs evaluation

c)

The factors of production

d)

Supply and demand

21.

The alternative that you give up when you make an economic choice.

a)

Need

b)

Opportunity cost

c)

Trade off

d)

Cost-benefit analysis

22.

A economic model/graph used to illustrate the impact of scarcity on an economy by showing the maximum number of goods and services that can be produced using limited resources.

a)

Efficiency frontier

b)

Underutilization curve

c)

Production possibilities curve

d)

Cost-benefit analysis

23.

Occurs when consumers react to a change in the price of a good or service by buying a substitute product.

a)

Income effect

b)

Law of diminishing marginal utility

c)

Demand

d)

Substitution effect

24.

Goods that consumers demand more of when their incomes rise.

a)

Gross Domestic Product

b)

Normal goods

c)

Inferior goods

d)

Consumer Tastes

25.

Goods that consumers demand less of when their incomes rise.

a)

Gross domestic product

b)

Normal goods

c)

Inferior goods

d)

Market size

26.

According to the Law of Supply; as prices fall...

a)

Quantity supplied falls

b)

Quantity demanded falls

c)

Quantity supplied rises

d)

None of these

27.

The willingness and ability of producers to offer goods and services for sale.

a)

Demand

b)

Supply

c)

Elastic

d)

Inelastic

28.

Occurs when the quantity demanded and the quantity supplied at a particular price are equal

a)

Market equilibrium

b)

Equilibrium price

c)

Elasticity of price

d)

Surplus

29.

The price at which the quantity demanded and the quantity supplied are the same

a)

Market equilibrium

b)

Equilibrium price

c)

Elastic

d)

Inelastic

30.

The result of quantity supplied being greater than quantity demanded

a)

Elastic

b)

Inelastic

c)

Surplus

d)

Shortage

31.

The result of quantity demanded being greater than the quantity supplied

a)

Elastic

b)

Inelastic

c)

Surplus

d)

Shortage

32.
House: Goods or Service?
a)
Goods
b)
Service
33.
Doctor: Goods or Service?
a)
Goods
b)
Service
34.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
35.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
36.

Using income for purchases, expenses, and debt

a)

spending

b)

savings

c)

goods

d)

services

37.

money paid to the government through income, sales, and purchase of property

a)

taxes

b)

goods

c)

scarcity

d)

human resource

38.

A good made in the United States and sent to other countries

a)

export

b)

consumer

c)

savings

d)

taxes

39.
What term refers to a good that comes into a country?
a)
Trade
b)
Migration
c)
Export
d)
Import
40.
Using the graph,  what would be true of an economy which produces $4 billion of civilian and military goods?
a)
It would be experiencing economic growth
b)
It would not be an efficient economy
c)
 It would be lacking capital
d)
It would be a peak efficiency 
41.
Point D on the chart most likely show an economy that ...
a)
has unemployment
b)
is growing
c)
is using all it resources
d)
is having inflation
42.
Point L on the chart most likely show an economy that ...
a)
has unemployment
b)
is growing
c)
is using all it resources
d)
is having inflation
43.

Which of the following will increase your profit for selling hot chocolate?

a)

Use expensive materials

b)

Lower the price

c)

Give each buyer more hot chocolate

d)

Use cheaper materials

44.

The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services

a)

consumption

b)

production

c)

distribution

d)

resources

45.

Oil, natural gas, and coal

a)

human resources

b)

natural resources

c)

entrepreneurship

d)

capital resources

46.

Construction worker, doctor, nurse, and teacher

a)

capital resources

b)

entrepreneurship

c)

human resources

d)

natural resources

47.

Good used to make products or other services. Basic Categories: Tools, Equipment, Buildings, Machinery.

a)

Capital Resources

b)

Natural Resources

c)

Human Resources

d)

None

48.
You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?
a)
$10
b)
$90
c)
$100
d)
$110
49.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
50.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
51.

Sophia is starting her own coffee shop. What economic term would best describe Sophia 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

52.

According to the Law of Supply, as the price of a good increases,

a)

buyers will buy more of the good.

b)

buyers will buy less of the good.

c)

sellers will produce more of the good.

d)

sellers will produce less of the good.

53.

The _______________________ of market prices directs buyers and sellers towards activities that promote the general welfare.

a)

prices

b)

free market

c)

invisible hand

d)

comparative advantage

54.
Unemployment caused by decreased demand for lifeguards during the winter.
a)
Frictional
b)
Seasonal
c)
Cyclical
d)
Structural
55.
Unemployment caused by a recession.
a)
Seasonal
b)
Cyclical
c)
Structural
d)
Frictional
56.

Sum of the employed and the unemployed

a)

Employed

b)

Unemployment

c)

Labor Force

57.

According to the graph, approximately _________ would be supplied and demanded at the equilibrium price of __________.

a)

18; $3.50

b)

5; $4.60

c)

2; $2.00

d)

47; $0.60

58.

Which of the following choices could cause the movement shown in the graph?

a)

A decrease in income

b)

An increase in population

c)

A decrease in the price of a substitute

d)

An increase in the price of a complement

59.

Which of the following choices could cause the movement shown in this graph?

a)

A decrease in income

b)

An increase in population

c)

An increase in the price of a substitute

d)

A decrease in the price of a complement

60.

If you lose your job due to automation, what type of unemployment are you experiencing?

a)

Structural

b)

Frictional

c)

Seasonal

d)

Cyclical

61.

In the business cycle model, a recession is MOST LIKELY

a)

A turnaround point where the real GDP stops going up

b)

A turnaround point where the real GDP stops going down

c)

A period during which the real GDP increases for two quarters in a row

d)

A period during which the real GDP decreases for two quarters in a row

62.

The decisions that the government makes to impact the economy is known as

a)

Fiscal Policy

b)

Discount Rate

c)

Monetary Policy

d)

Open Market Operations

63.

Between 2014 and 2015 the Polish economy expanded at a rate of 3.3%.What necessarily follows from this statement?

a)

There was increased demand which caused inflation.

b)

The cost of living rose by 3.3%

c)

There was positive economic growth

d)

The output of the industrial sector rose by 3.3%

64.

What is likely to be the effect of a fall in oil prices on the global economy?

a)

a decrease in the rate of economic growth

b)

a decrease in unemployment

c)

a strengthening of cost-push inflation

d)

a weakening of demand-pull inflation

65.

The value of spending on Australian exports (X) is likely to rise if:

a)

there was a recession overseas

b)

they became cheaper or more competitive for overseas buyers

c)

the exchange rate for the A$ rose or became dearer against overseas currencies

d)

there was a drought or floods in Australia that destroyed our crops.

66.
Would the following be included or not included in GDP?  The purchase of a used tractor by a farmer.
a)
Included
b)
Not included
67.
Would the following be included or not included in GDP?  Grandpa Smith's Social Security check from the government.
a)
Included
b)
Not included
68.

An inward shift in the PPF depicts

a)

Economic Growth

b)

Economic Development

c)

Higher standard of living

d)

A recession

69.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
70.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
71.
The diagram represents a
a)
increase in demand
b)
decrease in demand
c)
change in quantity demand
d)
none of the above
72.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
73.
Which of the following is likely to increase the demand for peanut butter?
a)
Fewer children in the population
b)
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
c)
A big increase in the price of jelly.
d)
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
74.
What does this graph show?
a)
Shortage
b)
Surplus
c)
Supply Table
d)
Equilibrium
75.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
76.
The movement from Point A to Point B represents a(n)
a)
increase in the price.
b)
decrease in the quantity supplied.
c)
shift in the supply curve.
d)
Both Orange and Blue are correct.
77.
Which of the following is NOT a determinant of the supply of peanut butter?
a)
The price of peanuts 
b)
The wages of peanut butter factory workers 
c)
The income of peanut butter consumers
d)
Existing peanut butter making technology
78.
Which of the following will cause an increase in demand for snowboards?
a)
More costly production methods 
b)
A decrease in the price of lift tickets at resorts in Colorado 
c)
A decrease in consumer income   
d)
A decrease in the population 
79.
What does a “surplus” (extra amount) of goods in a market imply?
a)
Prices are too high
b)
Prices are too low
c)
Supply is too low
d)
Demand is too high
80.
Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
81.
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
82.
Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?
a)
Supply for gasoline will decrease 
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
83.
In an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?
a)
Supply for gasoline will decrease
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
84.

If a wave of Peruvian immigrants migrated to south Florida, how might this affect the demand for Peruvian goods in the region?

a)

Demand would increase

b)

Demand would decrease

c)

Demand would be unchanged

d)

Quantity Demanded would increase

85.
There is only one gas station on a stretch of highway. Then two more gas stations open next to the first. Demand for gas does not change during this time. What will happen to the price of gas on this stretch of highway and why?
a)
The price of gas will decrease because there is more competition among businesses.
b)
The price of gas will decrease because there is less competition among businesses.
c)
The price of gas will increase because there is more competition among businesses.
d)
The price of gas will increase because there is less competition among businesses.
86.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
87.
The new Star Wars movie is coming out today!  All of the shows are sold out, but your neighbor is selling his tickets because he can't go.  A lot of people in your neighborhood want to buy the tickets.  What will happen to the price of the tickets?
a)
The price will go up.
b)
The price will go down.
88.

Which of the following equations represents Aggregate Demand

a)

GDP = X + I + C + (Y - Z)

b)

GDP = C + I + G + (X - M)

c)

GDP = C + I + X + (G - T)

d)

GDP = (1/MPS)*G + I + C

89.

When there is a surplus of Christmas decorations at Walmart but a low demand for these products, what happens to the price of the products?

a)

The price decreases

b)

The price stays the same

c)

The price increases

d)

Price is not affected by supply & demand

90.
What event in the midwest would shift the supply curve for corn to the left? 
a)
an influx of new low-wage workers
b)
a thunderstorm with large hail
c)
evidence that corn improves athletic ability
d)
a study stating that corn causes heart disease
91.
What event in the midwest would shift the supply curve for corn to the left? 
a)
an influx of new low-wage workers
b)
a thunderstorm with large hail
c)
evidence that corn improves athletic ability
d)
a study stating that corn causes heart disease

Similar Resources on Wayground

USHC - 1 EOC Review

92 questions

USHC - 1 EOC Review

quiz

Worksheet

•

9th - 12th Grade

Civics Final Review

86 questions

Civics Final Review

quiz

Worksheet

•

9th - 12th Grade

Cell Structure and Function: Ch. 2 Study Guide

90 questions

Cell Structure and Function: Ch. 2 Study Guide

quiz

Worksheet

•

7th - 12th Grade

Unit 3 - Econiful - FALL 2025

90 questions

Unit 3 - Econiful - FALL 2025

quiz

Worksheet

•

12th Grade

Humongous Civics Review

89 questions

Humongous Civics Review

quiz

Worksheet

•

10th Grade - University

Fall Semester Review

91 questions

Fall Semester Review

quiz

Worksheet

•

10th - 12th Grade

Civics Graduation Exam Practice

88 questions

Civics Graduation Exam Practice

quiz

Worksheet

•

12th Grade

Semester 1 Earth Science Final Review

88 questions

Semester 1 Earth Science Final Review

quiz

Worksheet

•

9th - 12th Grade