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Econ Final Review

Total questions: 65

Worksheet time: 53mins

Name
Class
Date
1.

In which economic system is the protection of private property rights essential?

a)

Command

b)

Traditional

c)

Market

d)

Socialism

2.

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

a)

Command

b)

Socialism

c)

Market

d)

Traditional

3.

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

a)

Mixed

b)

Market

c)

Traditional

d)

Command

4.

Laissez-faire is a French term loosely meaning "leave things alone" that means the government should ______.

a)

not interfere in the economy at all

b)

regulate the economy when needed

c)

strictly regulate the economy

d)

be lazy at the fair

5.

Capitalism and market economies are characterized by the concept of _______, which means fair prices naturally set themselves due to multiple people/businesses producing the same product/service.

a)

profit

b)

competition

c)

exchange

6.

_______ is the concept in a market economy (capitalism) that a person will naturally concentrate their efforts in the economy on ways in which they have advantages or skills.

a)

Sovereignty

b)

Consumerism

c)

Specialization

d)

Voluntary Exchange

7.
The definition of Scarcity is...
a)
An unlimited amount of resources to meet limited wants and needs
b)
A limited amount of resources to meet unlimited wants and needs.
c)
When people use time and energy to create events
d)
a city where individuals commit themselves to unlimited wants and needs
8.
What is the fundamental problem of economics? 
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
9.

Match the following

a)

economic system

1.

the method used by a society to produce and distribute goods and services

b)

factor payments

2.

the income people receive for supplying factors of production

c)

standard of living

3.

the level of economic prosperity

d)

innovation

4.

the process of bringing new methods, products, or ideas into use

e)

safety net

5.

a system to protect people experiencing unfavorable economic conditions

10.

What are the four types of resources? Choose all that apply?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship.

11.

Incentives are ______________

a)

A set of external motivators that help people make choices.

b)

Whatever you are giving up to do something.

c)

The tension caused by infinite wants and finite resources.

d)

The study of production, employment, prices, and policies on a nationwide scale

12.

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

13.

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)

Production is greater than the country's maximum potential

d)

Production at the country's maximum potential

14.

An economy produces different types of goods using its limited resources. This can be illustrated by a production possibility curve.

What does point X on the production possibility curve show?

a)

All resources are used for the production of consumer goods.

b)

More resources are allocated to producing capital goods than consumer goods.

c)

Resources are allocated to produce a mixture of consumer and capital goods.

d)

Total resources are not being fully utilised for production of these goods.

15.

_______________ resources are materials that come from nature.

a)

Special

b)

Natural

c)

Human

d)

Capital

16.

______________ resources are people working to produce goods or provide services.

a)

Capital

b)

Human

c)

Natural

d)

Manufactured

17.

The good or service that you give up when you make an economic choice is called _____________________.

a)

opportunity cost

b)

economic choice

c)

economic interdependence

d)

economic specialization

18.

What is a Debit?

a)

an entry recording an amount owed, listed on the left-hand side or column of an account.​

b)

when (a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or good​

c)

Expenses that do not change from month to month

d)

Expenses that change each month

19.

What is Compounding interest?

a)

sum of money lent or invested, on which interest is paid

b)

the amount of money remaining in a bank account

c)

interest calculated on the principal portion of a loan or the original contribution to a savings account

d)

interest is calculated on both the principal and the previously earned interest. ​

20.

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

a)

Change in cost of production

b)

Changes in number of producers

c)

Changes in expectations

21.

Which of the following is a natural resource?

a)

sweaters

b)

doctors

c)

trees

d)

lightbulbs

22.

Which of the following is a human resource?

a)

farmers

b)

rocks

c)

tractors

d)

hammers

23.

A sewing machine would be an example of a .....

a)

human resource

b)

capital resource

c)

natural resource

d)

none of the above

24.

Which form of competition has the greatest control of their prices?

a)

Monopoly

b)

Oligopoly

c)

Pure Competition

d)

Monopolistic competition

25.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
26.

This market structure has a large number of buyers and sellers with identical products

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

27.

This is a market structure with a large number of buyers and sellers of products that are similar but can be differentiated by brand, quality, etc. 

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

28.

Which market structure has the lowest barrier to entry? 

a)

Perfect Competition

b)

Monopoly

c)

Oligopoly

d)

None have a low barrier to entry

29.

Graph shows which of the following?

(actually use this graph to answer the question)

a)

a decrease in demand (shift) and a decrease in quantity supplied

b)

a decrease in demand (shift) and a decrease in supply

c)

a decrease in quantity demanded and a decrease in quantity supplied

d)

a decrease in quantity demanded and a decrease in supply (shift)

30.

Which of the following defines "Complementary Goods?"

a)

Goods that can be used to replace the purchase of similar goods when prices rise

b)

Goods that are commonly used with other goods

c)

Goods that are independent of other markets

31.

Refer to Graph 4-4. On the graph, what could most likely cause the movement from S to S1?

a)

A decrease in the price of the good.

b)

An increase in income.

c)

An improvement in technology.

d)

An increase in input prices.

32.

Refer to Graph 4-5. According to the graph, what are the equilibrium price and quantity?

a)

$7, 20.

b)

$7, 60.

c)

$5, 40.

d)

$3, 60.

33.

There are many buyers AND sellers in this market structure.

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

pure/perfect competition

34.

Which structure uses differentiation to make its products unique?

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

pure / perfect competition

35.
How much people want something
a)
supply
b)
demand
36.

TRUE OR FALSE: Buyers determine demand in a market.

a)

TRUE

b)

FALSE

37.

TRUE OR FALSE: Sellers do not determine supply in a market.

a)

TRUE

b)

FALSE

38.

Which of the following are determinants of demand?

a)

Income

b)

Tastes or preferences

c)

Price of substitute goods

d)

Input prices

39.

Which of the following are determinants of supply?

a)

Income

b)

Changes in technology

c)

Price of substitute goods

d)

Input prices

40.

Identify ALL of the goods or services below that are INELASTIC in terms of their demand.

a)

Gasoline

b)

Insulin

c)

Electricity

d)

Gucci shoes

41.

When price increases, quantity demanded

a)

increases

b)

decreases

c)

supply would decreases, not quantity supplied

d)

supply would increase, not quantity supplied

42.

Which of the following are considered fixed costs? (There are two answers)

a)

Rent

b)

Firm operators' salaries

c)

Electricity

d)

Part-time workers' wages

43.

Increasing interdependence of nations and peoples across the globe.

a)

Infrastructure

b)

Globalization

c)

Interdependence

d)

Specialization

44.

Sending goods to another country to sell.

a)

import

b)

export

45.

A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (taxes on exports).

a)

Free Trade

b)

Trade

c)

Goods

d)

Supply and Demand

46.

What are some positives of globalization?

a)

Cheap sneakers and clothes

b)

Cheap electronics

c)

Information is easy to access and it travels quickly (internet and social media)

d)

All of the answers are correct

47.
Gross domestic product is equal to the market value of all final goods and services:
a)
exchanged during a period.
b)
produced domestically during a period.
c)
produced by the citizens of a nation during a period.
d)
produced domestically during a period minus the depreciation of productive assets.
48.
In the circular flow model,
a)
money flows from the firms to the households through the product market.
b)
money flows from the households to the firms through the product market.
c)
money flows from the households to the firms through the resource market.
d)
money flows from the households to the firms through both the product market and the resource market.
49.
The period between the peak and the trough is the _____; the period between the trough and the peak is the _____.
a)
recession; expansion
b)
expansion; recession
c)
peak; trough
d)
trough; peak
50.
A worker who was laid off due to a downturn in the business cycle would be considered
a)
frictionally unemployed.
b)
structurally unemployed.
c)
cyclically unemployed.
d)
seasonally unemployed.
51.
Logan loses his job cooking pizza when a robot can do it faster and at a lower expense.  Which type of unemployment is he experiencing?
a)
Cyclical
b)
Structural
c)
Frictional
d)
Seasonal
52.
A good way to measure standard of living is by calculating
a)
the economic growth rate
b)
the inflation rate
c)
the unemployment rate
d)
per capita GDP
53.
What is the purpose of monetary policy?
a)
To change the interest rates depending on the circumstances in the economy
b)
To make people pay more money on their home loans
c)
To reduce the amount of debt the government has
d)
To increase or lower the taxes on imported goods
54.
What is an import quota?
a)
The number of imports in Australia
b)
the number of taxes placed on a product
c)
A restriction of the amount of imports
d)
A restriction on the amount of exports
55.
What is a tariff?
a)
GST
b)
A tax on exported goods
c)
A tax on imported goods
d)
A tax on the final good
56.
The Federal Reserve System keeps inflation low and stable by -
a)
regulating the amount of money in the economy
b)
regulating the tax rate
c)
promoting competition
d)
setting prices
57.
Decreased government spending would result in -
a)
a higher reserve amount
b)
higher prices
c)
lower taxes
d)
a lower discount rate
58.
The government enforces antitrust legislation to promote __.
a)
monopolies
b)
competition
c)
private ownership
d)
global  trade
59.
The United States has a __ economy.
a)
traditional
b)
mixed
c)
free market
d)
command
60.
To encourage saving, banks -
a)
pay interest to depositors
b)
charge interest to borrowers
c)
pay interest to borrowers
d)
charge interest to depositors
61.

The driving force behind protectionism.......

a)

global cooperation

b)

income equality

c)

self-interest

d)

free trade

62.

Which are the positives of NAFTA?

a)

Increases Trade

Reduces Cost

Raises Economic Growth

Reduce Govt Spending

Creates Jobs

b)

Outsourcing

Environment Damage from Shale Oil

63.

Which are the negatives of NAFTA?

a)

Increases Trade

Reduces Cost

Raises Economic Growth

Reduce Govt Spending

Creates Jobs

b)

Outsourcing

Environment Damage from Shale Oil

64.

The transfering of work from a specific area of the company ( e.g. accounting, manufacturing) to an outside supplier, which can be done to a company that is located in the home country or anywhere else is called______.

a)

Offshoring

b)

Outsourcing

c)

Globalization

65.
What is a credit score?
a)
What lenders use to see if you are able to pay back credit
b)
3 numbers
c)
What your score on a test is that was worth credit

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