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Econ - Benchmark 3 Review

Total questions: 87

Worksheet time: 1hrs 24mins

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.
Which of the following are markets involved in the circular flow model?
a)
Factor Market and Resource Market
b)
Labor Market and Product Market
c)
Factor Market and Product Market
d)
Resource Market and Labor Market
4.
Which two groups of people are represented in the circular flow model?
a)
Buyers and Sellers
b)
Producers and Consumers
c)
Government and Private Individuals
d)
Households and Businesses
5.
Opportunity Cost is 
a)
The alternatives you didn't choose
b)
The second best alternative 
c)
The negative aspects of an action
d)
The choice you made
6.
Trade-offs
a)
Are the same as opportunity costs
b)
Can all be considered opportunity costs; it depends on an individual's choice
c)
Is only the next best alternative to the choice you made
d)
Weight the costs and benefits
7.

All of the following are possible opportunity costs to the decision to go out for Pizza except

a)

You could have gone out for Chinese food

b)

Eaten at home instead

c)

You could have gone to your friends house

d)

You will have consumed a lot of food

8.
Which is true about scarcity?
a)
All resources are scarce but some are more scarce than others
b)
Scarcity will go away if people use their resources to their fullest potential
c)
Scarcity does not exist in places where people are rich
d)
Scarcity is not a reason why people have to make economic decisions
9.
The study of economics includes all of these as part of its definition except
a)
Unlimited wants and needs but limited resources
b)
The way we use scarce resources
c)
The decisions we make
d)
Business opportunities created
10.

If you go from point A to point B on the curve, what is your opportunity cost?

a)

250 units of Good R

b)

650 units of Good R

c)

250 units of Good T

d)

500 units of Good T

11.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

12.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

13.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

14.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

15.
What is the fundamental problem of every society?
a)
labor costs
b)
scarcity
c)
economic interdependence
d)
market fluctuation
16.
The opportunity cost of increasing production from 4 to 7 boats is
a)
1 boat
b)
2 boats
c)
2 trucks
d)
3 trucks
17.
What do points inside the PPF indicate?
a)
The combination of goods that employ goods efficiently
b)
The combination of goods that employ resources fully
c)
The combination of goods that do not employ resources fully
18.
An increase in the labor force would cause the PPF to 
a)
Shift inward
b)
Shift outward
c)
Do nothing
d)
Turn into a straight line
19.
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
20.
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 
21.

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

d)

Demand for insurance agents will decrease

22.

What does this downward sloping curve represent?

a)

supply

b)

equilibrium

c)

demand

d)

surplus

23.

The law of demand states that as the price increases then 

a)

quantity demanded increases

b)

quantity demanded decreases

c)

demand increases

d)

demand decreases

24.

The diagram represents a

a)

increase in demand

b)

decrease in demand

c)

change in quantity demand

d)

none of the above

25.

the amount of product producers are willing to bring to the market at any price.

a)

quantity supplied

b)

total product

c)

theory of production

d)

law of supply

26.

Which statement is correct about the Law of Supply?

a)

When the price of a good decreases, quantity supplied decreases

b)

When the price of a good decreases, quantity supplied increases

27.

Is the blue line located in the graph representing a price ceiling or price floor?

a)

Price ceiling

b)

Price floor

28.

Does the red line located on the graph represent a price ceiling or price floor?

a)

Price ceiling

b)

Price floor

29.
How many firms are there in a perfect competition?
a)
1
b)
2-5
c)
Many
30.
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
31.
How many firms are there in a monopoly?
a)
1
b)
2-5
c)
Many
32.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
33.
A market structure characterized by firms producing similar product with easy entry into the market
a)
Perfect Competition
b)
Monopolistic Competition
c)
Monopoly
34.

GDP measures the:

a)

Total market value of intermediate goods and services produced by the citizens of a country in a given year.

b)

Total market value of all final goods and services produced in an economy in a given year.

c)

Change in total employment at U.S. owned firms over the course of a given year.

d)

Change in production levels at U.S. owned firms measured quarterly.

35.

Real GDP is:

a)

GDP adjusted for changes in output.

b)

Nominal GDP adjusted for inflation.

c)

GDP adjusted for standard of living.

d)

Nominal GDP adjusted for population.

36.

Farm helpers are unemployed when the cropping season is over.

a)

frictional

b)

cyclical

c)

structural

d)

seasonal

37.

Individuals are unemployed due to a lack in skills that modern industries need, change in technology.

a)

Cyclical Unemployment

b)

Frictional Unemployment

c)

Structural Unemployment

d)

Seasonal Unemployment

38.

When individuals are searching for greener pastures is considered what type of unemployment?

a)

frictional

b)

cyclical

c)

structural

d)

seasonal

39.

Which of these is NOT a characteristic of an unemployed person?

a)

He/she does not work

b)

He/she has made specific efforts to find a job

c)

He/she is laid off from a job in the succeeding months

d)

He/she is undergoing a career change

40.

This reflects those who are actively seeking employment.

a)

full employment

b)

unemployment rate

c)

labor force

d)

underemployed

41.
What is inflation?
a)
rise in all prices
b)
rise in most prices
c)
rise in some prices
d)
rise in general prices
42.

What is the formula for GDP?

a)

C + I + G + (X-M)

b)

C + I + G / (X-M)

c)

C + I + G + (population)

d)

C + I + G + (Reserve Ratio)

43.
Which phase of the Business Cycle includes the economy slowing down?
a)
Prosperity
b)
Recession
c)
Depression
d)
Recovery
44.
Which letter represents the Contractionary (Recession) Phase?
a)
A
b)
B
c)
C
d)
D
45.
The Lowest point in the business cycle
a)
Peak
b)
Trough
c)
Expansion
d)
Contraction
46.
a means for comparing the values of goods and services (The numeric value of an item)
a)
Store of Value
b)
Unit of Account
c)
Medium of Exchange
d)
Ability of Division
47.

Fiscal Policy is controlled by...

a)

The Government

b)

The Federal Reserve System

c)

The states

d)

The Department of Commerce

48.

The two "tools" of Fiscal Policy are (choose two answers):

a)

the power to tax

b)

the power to spend

c)

the power to borrow money

d)

the power to print money

49.

During a economic expansion, the Federal Government should use...

a)

an expansionary fiscal policy

b)

a contractionary fiscal policy

50.

During a contraction / recession, the Federal Government should use

a)

an expansionary fiscal policy

b)

a contractionary fiscal policy

51.

Who is in charge of Monetary Policy

a)

The Government

b)

The Federal Reserve System

c)

The states

d)

The Department of the Treasury

52.

Monetary Policy is the Federal Reserve Systems attempt to...

a)

control the amount of money in circulation

b)

control the Federal Government's debt

c)

control state governments' spending

d)

none of these answers are correct.

53.

An expansionary policy means that the Fed is attempting to

a)

increase the size of the nation's money supply

b)

decrease the size of the nation's money supply

54.

A contractionary policy means that the Fed is attempting to

a)

increase the size of the nation's money supply

b)

decrease the size of the nation's money supply

55.

What's the difference between "gross" and "net" pay?

a)

Net pay is what I earn before taxes come out, gross is what I receive after taxes come out

b)

Gross pay is what I earn before taxes come out, net is what I receive after taxes come out

c)

They are two terms for the same thing

56.

Why do we fill out the form W-4?

a)

To prevent the government from taxing us

b)

To let our employer know how much income tax to withhold (set aside) from each paycheck

c)

To inform the IRS how much money we made this year

d)

To request an extension on paying taxes

57.

Amounts withheld from an employee's paycheck by their employer for taxes, FICA, insurance, etc

a)

Garnishment

b)

Payroll deductions

c)

Income tax deductions

d)

Payroll exemptions

58.

Which of these is the best definition of credit?

a)

An amount of money owed by one person or party to another person or party

b)

A financial tool that allows people access to money that they do not currently have

c)

A fee that a lender charges a borrower for the service of borrowing money

d)

A grant or payment in support of an education that you do not have to pay back

59.

What does a credit score mainly show to lenders?

a)

How many credit cards I have open

b)

My overall creditworthiness (how reliable or trustworthy I am with credit)

c)

How many years I have had my credit card

d)

Which types of loans I take out most often

60.

What is the typical relationship between the riskiness of a loan and that loan's interest rate?

a)

The lower the risk for the lender, the higher your interest rate will be

b)

The higher the risk for the lender, the higher your interest rate will be

c)

The higher the risk for the lender, the less likely it will be that you will pay interest

d)

There is no relationship between the two

61.

Which is considered riskier for a lender, a secured loan or an unsecured loan?

a)

Secured Loan

b)

Unsecured Loan

62.

Which of these types of loans will never require collateral?

a)

Installment Loan

b)

Secured Loan

c)

Promissory Note

d)

Unsecured Loan

63.

What is the best definition of collateral?

a)

An item of value used to secure a loan

b)

The amount of money your bank is willing to lend you over a set period of time

c)

Another term for a missed credit card payment

d)

How often I make my credit card payments on time, and in full

64.

Which of these types of loans are ALWAYS repaid by a series of fixed payments?

a)

Unsecured Loan

b)

Installment Loan

c)

Secured Loan

d)

Promissory Note

65.

Allows a person or business to pay a relatively small amount of money in the present to purchase protection against the possibility of a future financial loss caused by an unforeseen event.

a)

Compound

b)

Fixed Rate

c)

Deductible

d)

Insurance

66.

The amount of money the insured must pay when a claim is filed with the insurance company.

a)

Assesst Protection

b)

Deductible

c)

Shared Liability

d)

Premium

67.

An amount to be paid for an insurance policy.

a)

Deductible

b)

Shared Liability

c)

Premium

d)

Disability

68.
The original amount of money borrowed
a)
Principal
b)
Credit History
c)
Annual Percentage Rate (APR)
d)
Interest
69.
What is a fixed rate?
a)

A rate that is specfically for you 

b)

A rate in which the credit card company must fix your bill. 

c)

A rate that never changes on the loan.

70.

DEFINE variable interest rate.

a)

Interest rates that only apply to mortgages

b)

Interest rates that are tied to the price of gold

c)

Interest rates that can change throughout a debt's life

d)

Interest rates that are cheaper than the normal rate

71.

The _________ ________ is a schedule showing the distribution of interest and principal payments on a loan over the life of the loan

a)

Amortization schedule

b)

promissory note

c)

single payment loan

d)

installment loan

72.
Between what number wold you have an excellent credit score?
a)
760-850
b)
851-941
c)
620-659
d)
700-759
73.

Which of these show your credit history?

a)

Credit score

b)

Credit report

c)

Both

74.

A number assigned to a person as a general indication of their creditworthiness

a)

Credit report

b)

Credit score

c)

Loan

d)

Loan score

75.

The component that has the most impact on your credit is...

a)

Types of Credit Used

b)

Amounts Owed

c)

Length of Credit History

d)

Payment History

76.

The producer that can produce the most output OR requires the least amount of inputs (resources)

a)

Comparative Advantage

b)

Trade Offs

c)

Absolute Advantage

d)

Opportunity Cost

77.

The producer with the lowest opportunity cost.

a)

Comparative Advantage

b)

Trade Off

c)

Absolute Advantage

d)

Opportunity Cost

78.
A block or restriction on trade with another country is called
a)
Tariff
b)
Embargo
c)
Quota
79.
A tariff is when a _______ is put on an imported good
a)
Tax
b)
Limit
c)
Block
80.
A country might place a limit or __________ on another country to weaken their economy.
a)
Embargo
b)
Tariff
c)
Quota
81.

Why is it important to have insurance?

a)

To protect others from your mistakes

b)

To protect your assets from claims by others

c)

Guard against financial loss that can not be predicted

d)

All of the above

82.

You invite people to the apartment you rent and a guest trips over a pair of snow boots and breaks a finger.

a)

Health Insurance

b)

Disability Insurance

c)

Life Insurance

d)

Automobile Insurance (Liability or Property)

e)

Renters Insurance (Liability or Property)

83.

David is working on his home and he falls off of a ladder. He is not able to work while he recovers. What type of insurance would be used?

a)

Automobile

b)

Life

c)

Homeowners

d)

Health

e)

Disability

84.
The Free Application for Federal Student Aid determines a student’s financial aid. Apply online at www. fafsa.gov. Forms may be filed any time after October 1, of the year for which the student is seeking aid. October of the senior year will be the first opportunity for high school students to apply.
a)
FAFSA
b)
Federal Direct Student Loan Program
c)
Financial Aid Package
d)
Financial Need
85.

What is one reason that firefighter services are considered a public good?

a)

Everyone in the community benefits from it.

b)

Nobody in the community has to pay for it.

c)

Private firms make a profit from producing it

d)

Individual citizens pay directly for it.

86.

a person or organization) declared in law unable to pay outstanding debts.

a)

incorporated

b)

Charter

c)

Bankruptcy

d)

Revenue

e)

Better Business Bureau

87.

Which of the below is an employer based retirement plan that both employees and employers contribute to?

a)

Traditional IRA

b)

Roth IRA

c)

401K

d)

Pension

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