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WorksheetsEconomics and Personal Finance - Units 1 and 2
Total questions: 61
Worksheet time: 42mins
Individuals (households) own resources used in production, sell resources for _____, and use the ______ to purchase products.
Income
Taxes
Interest
opportunity cost
________ uses tax revenue from individuals and businesses to provide public goods and services.
Individuals
Government
Businesses
Private Financial Institutions
Private Financial Institutions include all of the following Except?
Banks, Savings and Loans, And Credit Unions
Receive Deposits and Make Loans
Discourage saving and investing by paying interest on deposits
Encourage saving and investing by paying interest on deposits
Reasons why States and Nations Trade include all of the following EXCEPT
To obtain goods and services they cannot produce efficiently themselves
To buy goods and services at a Higher cost
To sell goods or services to other countries
To create Jobs
What contributes to the global flow of information, capital, goods, and services, AND lowers the cost of production?
Taxes
Technology
Interest
Income
Government promotes and regulates marketplace competition by all of the following EXCEPT
Enforcing Antitrust legislation to Discourage Monopolies
Engaging in Global Trade
Supporting Business Start-ups
Eliminating Competition
Which of the Following is NOT a Government Agency that regulates business?
Federal Communications Commission(FCC)
Environmental Protection Agency
(EPA)
Federal Trade Commission (FTC)
Federal Emergency Management Agency (FEMA)
What is known as the Bankers Bank and the Central Bank of the U.S.?
Federal Reserve
(FED)
Bank of America
United States Central Bank
United States Bankers Bank
Why does the U.S. pass laws and create agencies?
To Protect consumer rights and property rights
To raise money
To weaken the national defense
To help promote monopolies
What type of business ownership has 2 or more owners who share the risk and share the profit?
Proprietorship
Partnership
Corporation
Public
what type of business organization has 1 owner who takes all of the risks and keeps all of the profits?
Partnership
Proprietorship
Corporation
Private Stock
What type of Business organization has many owners and the liability to limited to investment?
Corporation
Proprietorship
Partnership
Lemonade Stand
What type of economy does the U.S. have?
Free Market
Traditional
Command
Mixed
The want or willingness a consumer has to purchase a good or a service is called?
The amount of goods or services available for a producer to sell is called?
An individual who purchases (buy) goods.
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
What will happen to the price of new cars if a weak economy causes people to have lower incomes?
The price will increase
The price will decrease
What will happen to the price of baby cribs if there is a large increase in the number of babies born?
The price will increase
The price will decarese
What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?
The price will increase
The price will decrease
What is likely to happen to the price of the sneakers over the next several weeks?
What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?
The price will increase
The price will decarese
Which of the following is not a barrier to entry in a monopolized market?
The presence of many buyers and sellers in the market
The government gives a single firm the exclusive right to produce some good.
The costs of production make a single producer more efficient than a large number of producers.
A key resource is owned by a single firm.
This market structure is characterized by the lowest level of competition among producers.
monopolistic competition
monopoly
oligopoly
perfect competition
It is the most ideal market structure.
perfect competition
monopolistic competition
oligopoly
monopoly
List the four market structures in the order from least competitive to most competitive.
Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition
Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition
Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition
Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly
An industry or market that is dominated by a few firms is
a Monopoly
an Oligopoly
a Competitive market
These are the things we desire to have.
Wants
Goals
Opportunity Costs
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods forgone.
the price of alternative goods foregone.
none of the other options
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?
Ford
Honda
Toyota
Dodge
Limited Resources + Unlimited Wants =
Scarcity
Productivity
Opportunity Cost
Efficiency
Scarcity is only a problem for poor people.
True
False
Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. Which of the following is the opportunity cost of her decision?
money
job
time
college
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
WHAT ARE THE 4 FACTORS OF PRODUCTION?
Land, Capital, Need & Want
Land, Labor, Capital, Entrepreneurs
Water, Air, Food & Shelter
Land, Capital, Good & Service
Economics can be described as the study of
Money
Choices
graphing
price ceilings and price floors
The condition of scarcity can be described as one that
afflicts only poor people and nations
exists when our unlimited needs/wants exceed our limited resources
exists when our limited resources exceed our unlimited needs/wants
only applies to luxury items
Why do entrepreneurs take risks?
to set their own work hours
to earn a profit for themselves
to provide G/S to their customers
to provide salaries and benefits to their employees
Macroeconomics approaches the study of economics from the viewpoints of
individual firms
individual consumers
government units
the entire economy
GDP is the process of declining during a(an)
peak
contraction
expansion
trough
If a news headline says, "Finally!!! 2 straight months of increased jobs."
Where on the business cycle is the current economy?
Peak
Contraction
Trough
Expansion
If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."
Where on the business cycle is the current economy?
Peak
Contraction
Trough
Expansion
Which of the following is an expansion, or recovery?
A
B
C
D
If GDP falls for at least two quarters, it is considered what stage of the business cycle?
Expansion
Recession
Prosperity
Recovery
At what point in the business cycle is GDP the highest?
Peak
Expansion
Recovery
Trough
