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economics 1st 9 weeks review

Total questions: 126

Worksheet time: 1hrs 8mins

Name
Class
Date
1.

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

a)

Needs

b)

Goods

c)

Services

d)

Wants

2.

the situation that exists where there are not enough resources to meet human wants

a)

limitations

b)

scarcity

c)

rations

d)

coupons

3.

the benefit or satisfaction we gain from the use of the good or service

a)

utility

b)

opportunity cost

c)

incentives

d)

TINSTAAFL

4.

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

a)

Needs

b)

Goods

c)

Services

d)

Wants

5.

the situation that exists where there are not enough resources to meet human wants

a)

limitations

b)

scarcity

c)

rations

d)

coupons

6.

the benefit or satisfaction we gain from the use of the good or service

a)

utility

b)

opportunity cost

c)

incentives

d)

TINSTAAFL

7.

Scarcity affects whom? (best answer)

a)

Individuals

b)

Businesses

c)

Governments

d)

Everyone

8.

physical objects that can be purchased

a)

Needs

b)

Goods

c)

Services

d)

Wants

9.

people who buy goods and services for personal use

a)

consumers

b)

officials

c)

investors

d)

producers

10.

work that one person performs for another for payment

a)

Needs

b)

Goods

c)

Services

d)

Wants

11.

desires that can be satisfied by consuming a good or service

a)

Needs

b)

Goods

c)

Services

d)

Wants

12.

people who make goods or provide services

a)

consumers

b)

officials

c)

investors

d)

producers

13.

Which is NOT an economic question that needs to be answered?

a)

What will be produced?

b)

How will it be produced?

c)

Where will it be produced?

d)

For whom will it be produced?

14.

all of the natural resources found on or under the ground that are used to produce goods and services

a)

Land

b)

Entrepreneurship

c)

Capital

d)

Labor

15.

the study of how people choose to use scarce resources to satisfy their wants

a)

freakonomics

b)

psychology

c)

economics

d)

consumer sciences

16.

the willingness to take risks that are needed to create and run a new business

a)

Land

b)

Entrepreneurship

c)

Capital

d)

Labor

17.

benefits offered to encourage people to act in certain ways

a)

utility

b)

opportunity cost

c)

incentives

d)

TINSTAAFL

18.

all of the resources made and used by people to produce and distribute goods and services

a)

Land

b)

Entrepreneurship

c)

Capital

d)

Labor

19.

the concept that everything has some form of cost

a)

utility

b)

opportunity cost

c)

incentives

d)

TINSTAAFL

20.

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

a)

utility

b)

trade off

c)

incentives

d)

TINSTAAFL

21.

simplified representations of complex economic activities, systems or problems

a)

economic models

b)

efficiencies

c)

economized

d)

resources

22.

numerical data or information that showcase patterns of behavior

a)

microeconomics

b)

competition

c)

macroeconomics

d)

statistics

23.

all the human time, effort, and talent that goes into making products

a)

Land

b)

Entrepreneurship

c)

Capital

d)

Labor

24.

the study of the behavior of individuals in an economy

a)

microeconomics

b)

competition

c)

macroeconomics

d)

statistics

25.

the study of the behavior of the economy as a whole

a)

microeconomics

b)

competition

c)

macroeconomics

d)

statistics

26.

a way of describing economics as it is, not as it should be

a)

microeconomics

b)

positive economics

c)

macroeconomics

d)

normative economics

27.

a way of describing or explaining what economic behavior should be, not what it actually is

a)

microeconomics

b)

positive economics

c)

macroeconomics

d)

normative economics

28.

considered the father of the modern study of economics

a)

Alexis de Tocqueville

b)

Sam Adams

c)

Adam Smith

d)

Mr. Long

29.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
30.

The person who starts, organizes and manages a business is called

a)

an entrepreneur

b)

a consumer

c)

a producer

31.

The study of resources such as money, materials, and labor

a)

economics

b)

services

c)

producers

32.

Factors of production are grouped into four categories:

a)

land, labor, capital, entrepreneurship

b)

land, labor, capital, money

33.
Set of individuals who make up the workforce of an organization, business sector, or economy
a)

Natural Resources

b)

Capital Resources

c)

Human Resources

34.

The most comprehensive measure of a nation’s wealth is provided by its

a)

gross domestic product

b)

scarcity

35.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
36.
A command economy is when the government is in control.
a)
True
b)
False
37.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
38.
In which type of society would we most likely find a traditional economic system?
a)
a major city
b)
an established country
c)
rural and under-developed territory
d)
all of the above
39.
There are four types of economic systems.  Most economies are _____. 
a)
Traditional 
b)
Command 
c)
Market 
d)
Mixed
40.
This type of government typically goes with the Command Economy.  
a)
Democracy
b)
Republic
c)
Autocracy
d)
Communism
41.
The government has little to no role in the production of goods in this type of economy. 
a)
Traditional 
b)
Mixed
c)
Command 
d)
Market
42.
In this type of economy, the government places control on businesses, but the individual decides what to make. 
a)
Mixed
b)
Market
c)
Command 
d)
Traditional
43.
This economic system discourages new ways of doing things
a)
Traditional
b)
Market
c)
Command
d)
Mixed
44.
People cast “dollar votes” in this economic system.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
45.
Capitalism flourishes here in this economic system.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
46.
Profit does not have great importance in deciding what to produce in this economic system
a)
Mixed
b)
Market
c)
Command
47.
This economic system often experiences a lower standard of living.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
48.
This economic system has a high degree of uncertainty
a)
Traditional
b)
Market
c)
Command
d)
Mixed
49.
These economic systems answer the three economic questions before being production of a good or service.
a)
Traditional
b)
Market
c)
Command
d)
ALL
50.
One guy owns a car factory 
a)
Socialism
b)
Communism
c)
Capitalism
51.
Tony Romo, quarterback for the Dallas Cowboys NFL team, would be considered which one of the 4 economic resources?
a)
Land 
b)
Labor  
c)
Capital  
d)
Entrepreneurship
52.
What do businesses provide for consumers according to the circular flow model?
a)
goods and services
b)
only goods
c)
only services
d)
taxes
53.
In the circular flow model, the product market describes _____.
a)
stores that sell goods and services to households
b)
the government paying for public goods
c)
households selling their labor to businesses
d)
households receive income from businesses
54.
In this market, businesses buy resources they need to produce goods and services.
a)
Resource market
b)
stores
c)
product market
d)
 businesses
55.

Consumer decisions are influenced by:

a)

price of a good or service

b)

the price of alternatives

c)

the consumer’s income

d)

all of the above

56.

A measure of economic output in terms of a worker’s input

a)

Productivity

b)

Inflation

c)

Interest Rate

d)

Division of Labor

57.

The higher the price of a product the higher the supply will be for that product

a)

Law of Supply

b)

Law of Demand

c)

Inflation Rate

d)

Macroeconomics

58.

The study of large-scale economic factors that indicate the condition of the economy

a)

Microeconomics

b)

Market Structure

c)

Macroeconomics

d)

Monetary Policy

59.

A market structure where a small number of businesses have control of a market

(i.e. Cell Phone services)

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

60.

The market structure where a single business has exclusive control of a market.

(i.e. Microsoft)

a)

Perfect Competition

b)

Oligopoly

c)

Monopolistic Competition

d)

Monopoly

61.

(a)   is an economic system where generational customs and learned behaviors determine what is produced and for whom.

62.

______ is an economic system that is heavily influenced by the law of ______.

a)

Capitalism; Sustainable Development

b)

Communism; Class Warfare

c)

Capitalism; Supply & Demand

d)

Socialism; Safety-Net Programs

e)

Capitalism; Distribution

63.

Country 2: “In my country, all key decisions are made by our central planners. They hold complete power over all politics and economics in our nation. Our government directly owns the land, natural resources, and factories for the good of the people.”

Which economic system is most likely being described in Country 2?

(a)  

64.

In a _________ economy, a government works with corporations to meet the basic needs of all citizens in order to _________.

a)

Capitalist; maximize profits

b)

Communist; eliminate social classes

c)

Capitalist; ensure worker safety

d)

Socialist; eliminate poverty

e)

Socialist; create dependence on the government

65.

Country 3: “In my nation, all people are free to produce whatever they wish and to consume whatever they can afford. People seek to make or sell goods and services so they can earn a profit.”

What economy is more than likely described in Country 3?

(a)  

66.

Select all that apply.

The features of a communist economy more than likely will include-

a)

Private ownership of businesses

b)

Government planning on all major decisions

c)

Provide public services to meet basic needs

d)

Equal wage distribution

e)

Limited government intervention

67.

Canada is often labeled as an example of (a)   because of its high tax rate, social programs that are funded by the government, and universal health care plan.

68.

In a ______ economy, the government will focus on equal wages in order to _________.

a)

Communist; maximize profits

b)

Communist; eliminate social classes

c)

Socialist; provide health care

d)

Socialist; allow some private ownership

e)

Capitalist; provide a basic income

69.

Select all that apply.

A traditional economy will more than likely feature-

a)

Trade or exchange of handmade goods

b)

Rising prices when demand is high

c)

Public-funded health care and education

d)

Small profits from surplus goods, if any

e)

Equal Wage Distribution

70.

The extreme rise in the price of the EpiPen is an example of what can happen in a (a)   economy.

71.

Select all that apply. What are the three basic economic questions?

a)

What should be produced?

b)

How should it be produced?

c)

Why should it be produced?

d)

Who gets to consume it?

72.

Select all that apply. What are the three basic economic questions?

a)

What should be produced?

b)

How should it be produced?

c)

Why should it be produced?

d)

Who gets to consume it?

73.

It is when individuals dictate the economy

a)

Command economy

b)

Traditional economy

c)

Mixed economy

d)

Market economy

74.

It is when customs dictate the economy

a)

Mixed economy

b)

Market economy

c)

Command economy

d)

Traditional economy

75.

It is when the government dictate the economy

a)

Traditional economy

b)

Command economy

c)

Market economy

d)

Mixed economy

76.

It is when individuals in the market dictate the economy

a)

Market economy

b)

Command economy

c)

Mixed economy

d)

Traditional economy

77.

One of the advantages of a traditional economy

a)

poverty

b)

innovative

c)

promotes strong social bonds

d)

creates national projects

78.

One advantage of command economy

a)

little technology

b)

planning does not match reality

c)

innovative

d)

create large national projects

79.

Select all that apply. Disadvantages of a command economy

a)

planning does not match reality

b)

innovative

c)

little technology

d)

does not meet people's needs

80.

Select all that apply. advantages of market economy

a)

markets lead to equilibrium

b)

poverty

c)

innovative

d)

high quality

81.

role of government in mixed economy

a)

regulate the market

b)

own the market

c)

reject the market

82.

in a mixed economy, ______ are determined in the market

a)

cost of products

b)

incentives

c)

prices

d)

profit

83.

differentiate socialist, communist, capitalist and fascist

4 lines
84.

What type of economic system did Adam Smith support?

a)

a free market system

b)

mixed economic system

c)

planned economic system

85.

A philosophy that calls for very little or no government involvement in the economy.

a)

Industrial Capitalist

b)

Economics

c)

Supply and Demand

d)

Laissez-Faire

86.

Laissez-faire capitalism as attributed to Adam Smith called for

a)

heavy taxation of manufacturers

b)

strict government control of the economy

c)

minimal government involvement in the economy

d)

government investments in major industries

87.
What is the definition of the economic term Opportunity Cost?
a)
the value of the next best alternative that is given up due to the choice you made 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
88.

What does PPC show? Select Multiple options.

a)

Describes the production of only two products in economy.

b)

It explains the production when there is full and efficient utilisation all resources in economy

c)

It explains the consumption pattern in economy

d)

It is the combination of all possible output points of two goods given that technology and resources are fixed.

89.
What is the definition of the economic term Opportunity Cost?
a)
the value of the next best alternative that is given up due to the choice you made 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
90.

If a point lies on the curve this means the company/country/individual is being efficient. If a point lies inside the curve, what does that tell?

a)

They are being over efficient

b)

They are being inefficient

c)

It is not impossible with the given resources

d)

They are still efficient, just at another point

91.

Some advantages of a communism are:

a)

low unemployment

b)

less income inequality

c)

lots of competition

d)

little corruption

92.

The concept that society's goals will be met as individuals seek their own self-interest.

a)

The Invisible Hand

b)

The Incredible Hulk

c)

The Scarcity Rule

d)

The Floating Hand

93.

Fixed Costs are only fixed in the

a)

Long run

b)

Short run

c)

Period where there is neither a profit or a loss

d)

none of the above

94.

A firm in the long run will make

a)

Losses

b)

Economic Profit

c)

Profits greater than MC

d)

none of the above

95.

Which of the following is an example of a perfectly competitive firm?

a)

Farmer's market stand

b)

Fast food restaurant

c)

Cell phone service provider

d)

Local internet service provider

96.

A perfect competitive firm charges a price that is ____________.

a)

different to other firms

b)

higher than other firms

c)

lower than other firms

d)

similar to other firms

97.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
98.
For 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
99.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
100.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
101.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
102.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
103.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
104.

This graph represents...?

a)

Changes in quantity demanded

b)

Changes in quantity supplied

c)

Changes in demand

d)

Changes in supply

105.

If Tom Brady unretires and wins a Super Bowl, what will happen to the demand curve for Tom Brady jerseys (in theory)?

a)

It will shift to the right

b)

It will shift to the left

c)

It won't shift

d)

The price will go down

106.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
107.

Which statement expresses a central idea of how the laws of supply and demand work?

a)

The government sets the prices for goods and services.

b)

Prices are determined by the interaction of producers and consumers.

c)

Consumers alone determine the prices for goods and services.

d)

Technology dictates the prices charged for goods and services.

108.
If the government set the price at $700, would that be a price ceiling or floor?
a)
Price Ceiling
b)
Price Floor 
c)
Neither
109.

According to the Supply & Demand model, a price ceiling will lead to a....

a)

Surplus

b)

Shortage

110.

Extra cost of producing one additional unit of production

a)

Fixed cost

b)

marginal cost

c)

variable cost

111.

production costs that vary as output changes

a)

fixed cost

b)

variable cost

c)

marginal cost

112.

costs of production that do not change when output changes

a)

fixed cost

b)

variable cost

c)

marginal cost

113.

stage of production where output increases at a decreasing rate as more units of variable input are added

a)

marginal product

b)

stages of production

c)

diminishing returns

114.

When quantity demand smaller than quantity supply the price will usually?

a)

increase

b)

decrease

c)

remain the same

d)

equilibrium

115.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
116.
Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers
a)
are different.
b)
are equal.
c)
is higher for the product demanded.
d)
is higher for the product supplied.
117.
For 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
118.

Supply is

a)

how much consumers are willing to  buy.

b)

how much a producer (a business) is  able and willing to make for sale to  consumers.

c)

the goods that are left over after a  sale.

d)

All of the above

119.

The law of demand shows the relationship between

a)

consumers' income and demand.

b)

population and demand.

c)

demand and supply.

d)

price and quantity demanded.

120.

A movement along a demand curve can be influenced by

a)

tastes.

b)

population.

c)

the product's price.

d)

consumers' income.

121.

What is a producer?

a)

a person that makes goods or services

b)

someone that eats

c)

a person that buys or uses a good or service

122.

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

a)
b)
c)
d)
123.

When the gov't pays money to businesses, usually to encourage them to produce a certain product..

a)

taxes

b)

regulations

c)

competition

d)

subsidies

124.
The diagram represents a(n)
a)
increase in supply
b)
decrease in supply
c)
change in quantity supplied
d)
none of the above
125.

What is a: SERVICE?

a)

work that one person does for another

b)

things that people make or grow and then sell.

c)

When people spend money to buy

things they need or want

d)

A person who makes a product or provides a service.

126.

What is a: CONSUMER?

a)

work that one person does for another

b)

things that people make or grow and then sell.

c)

When people spend money to buy

things they need or want

d)

A person who makes a product or provides a service.

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