WorksheetsFinal review economics
Total questions: 51
Worksheet time: 26mins
The United States government increases troops being sent to Vietnam and eventually had to cut back on the Great Society social programs for the time being. This is an example of what economic term that we learned.....
Thinking @ Margin
Factors of Production
Decision Making Grid
Guns or butter
How could the free market and laissez faire hurt the consumer?
No government intervention
Monopolies may form
Unsafe work environment
All
How does shortage differ from scarcity?
Shortages only apply to goods, scarcity applies to services
Scarcity always exist, shortages are temporary
As a Hurricane approaches Long Island, many people will begin to stockpile goods such as batteries, water, milk, etc. This will put a temporary strain on the availability of these goods. This scenario is an example of what economic term that we studied?
Shortage
Scarcity
Trade-off
Given the choice of Milky Way, Twix, and Snickers, you decide that you would like the Snickers candy bar the most. Your next choice is Milky Way and Twix is your least favorite choice. In this example, what is your opportunity cost?
Twix
Snickers
Milky way
You cannot determine based on the info
An inexperienced plumber or electrician who is gaining the skills and knowledge through an apprenticeship with a master craftsperson is an example of what economic term that we studied?
Physical capital
Capital
Human capital
Every decision involves trades offs because
Everyone cannot make decisions
Everyone’s resources are limited
Some people have more money than others
Some decisions are made for business and others for society
This doctrine states that government generally should not interfere with the marketplace
Free enterprise
Carpe diem
Laissez faire
Mixed economies are made up of what two types of economies?
Centrally planned and market
Centrally planned and command
Market and traditional
What does a production possibilities frontier show?
Scarce and less scarce resource
Global trade offs and cost f doing business
An economy that s producing but not a max
The max amount that an economy may produce
An economy that is producing the max amount of goods and services is considered
efficient
Underutilized
Growing
Trading off
What is a factory building an example of?
Human capital
Physical capital
An economic trade off
Technology
What does a traditional economy rely on?
Habit
Custom
Ritual
All
An economy that is not using all of it resources to gain the max possible production is
Efficient
Underutilize
Growing
Trade off
A production possibilities curve shows the relationship between the production of
Farm goods and factory goods
Two types of farm goods
Two types of factory goods
Any two categories of goods
An economy in which only the government makes economic decisions is a
Mixed
Traditional
Command
Market
Which is an example of a command economy?
Singapore
Nazi Germany
The United States, Great Britain, and modern day Germany are all examples of what type of economy?
Mixed
Command
Land, labor, and capital make up what term that we have studied?
Factors of production
Human capital
Physical capital
What are the three economic questions that every society must answer?
What, how and for whom
There is no questions
A person that takes a chance and starts a business is called an.....
Entrepreneur
Central planners
Laissez faire
A period of change in which an economy moves away from a centrally planned economy toward a market-based system is said to be?
Traditional
Transvaal
Efficient
Transitional
An economist might say, "Choosing is refusing." What does this mean?
Freewill
You are a command economy
If you chose one thing, you refuse another
How does competition amongst firms benefit consumers?
Lower prices and better quality
Higher prices and better quality
Lower prices bad quality
What determines the price and the quantity produced of most goods?
Perception
Interaction of supply and demand
Availability of other goods
The quality of the goods produced
Ceteris paribus, or “all other things held constant,” is an assumption that has which of the following effects on a demand schedule?
It takes only price into account
It is accurate no matter what changes occur
What is a basic principle of the law of demand?
The higher the price, the more people want the good
Everyone has limited income
When a goods price is lower, people will buy more of it
How is the current demand for a good related to its future price?
If the price is expected to drop, current demand will fall
If the price is expected to drop, demand will rise
What kind of changes would be expected in the demand of a country that has a growing population?
Rise in demand for recreation
A shift in the demand for high quality food
A rise in the demand for shelter
What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?
Sell the goods now and try to invest the money instead of resupplying
Sell the goods now but try to get the higher price for them
Store the goods until the prices rises
Which of the following is the best example of the law of supply?
A sandwich shop increases the number of sandwiches they everyday when the price increases
A food producer increases the number of acres of wheat he grows to supply a milling company
When the selling price of a good goes up, what is the relationship to the quantity supplied?
The cost of production goes down
The profit made on each item goes down
It becomes practical to produce more goods
On which kinds of goods do governments generally place price ceilings?
Those that are essential but too expensive for some consumers
Those that are essential and cheap
Those that are cheap but could become more expensive without the ceiling
When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?
Supply and demand
Excess demand
equilibrium
Price floor
What happens to a market in equilibrium when there is an increase in supply?
Excess supply means that producers will make less of the good
Quantity demanded will exceed quantity supplied, so price drops
Quantity supplied will exceed quantity demanded, so price will drop
What is the name of the smallest amount that can legally be paid to most workers for an hour of work?
Equilibrium price
supply cost
price floor
minimum wage
The price ceiling that was used to control the price of housing in New York City and other cities was called which of the following?
rent control
rent abatement
housing control
A stock that reinvests its earnings in the business instead of paying regular dividends is called
income stock
common stock
preferred stock
growth stock
The Dow Jones Industrial Average consists of
500 different stocks
30 stocks that are considered representative of the market as a whole
A stock split is most likely to occur when
a company is losing money
the price of a stock becomes too high
stockholders demand dividens
What are stocks? How do stocks enable corporations to thrive and grow?
A certificate issued by a corporation, which promises to repay with interest the amount borrowed from the buyer
A share representing a portion of ownership in a corporation-companies receive money from selling the stock and may modernize and expand
In the late 1980s, some stockbrokers were arrested for inside trading. What is inside trading? How did it enable some brokers to get an edge in the market and accumulate vast resources
The buying and selling of a security(stock) by someone who has access to material, nonpublic information about the security-it gives an unfair advantage
situation in which a large block of stock is held by an unfriendly company
How is the Dow-Jones Industrial Average an analytic tool for charting economic trends in the stock market?
The Dow consists of 30 stocks and if you plot the closing prices everyday after a period of years you see trends
The Dow consists of 250 stocks and if you plot the closing prices day to day you see trends for the long term
After the stock market crashed in 1929, the United States, and most of the world, was plunged into an eleven-year depression. How did WWII help to revitalize the American economy and pull America out of the Great Depression?
People went back to work in order to make supplies for the war
All debt prior to the Depression was forgiven
A car payment or student loan are both examples of:
Lump sum payment
An installment loan
A single paymernt
If I have a Visa and an American Express credit card and have been late paying my bills to Visa in the past, American Express may legally increase my APR due to what clause in the credit card contract?
Finance Charge
Character
Universal default
FICO scores range between 300 – 850. This is a number that companies that grant credit use to assess an applicant’s risk. The higher the FICO score, the lower the risk. What is a FICO score used to generate?
Credit rating
Credit Bureau
Principal
TransUnion, Equifax and Experian are three credit rating agencies that determine an individuals credit score. In essence, a credit score represents someone’s credit worthiness. These credit rating agencies are also known as what term that we have studied?
20 sec
Credit rating
Credit rating
Credit Bureaus
Credit Cards
Which of the following best describes the concept of scarcity in economics?
There is no need to make choices
All goods are free for everyone
Resources are limited and wants are unlimited
Resources are unlimited and wants are limited
What is the main purpose of a price floor in a market?
To increase the supply of goods
To eliminate competition
To make goods more affordable for consumers
To ensure prices do not fall below a certain level
Which economic system is characterized by government ownership of resources and centralized decision making?
Market economy
Traditional economy
Command economy
Mixed economy
