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Unit 1 Economics Final Exam

Total questions: 45

Worksheet time: 28mins

Name
Class
Date
1.

What is an economic want?

a)

Things people need in order to survive.

b)

Things people would like to have, but aren't necessary for survival

c)

Things people don't want anymore.

2.

Why do all societies have to make decisions about how resources will be used?

a)

People are greedy

b)

There are not enough resources for those who want them

c)

Resources are too expensive for most people

d)

Because there is a huge gap between the rich and poor

3.

What is the fundamental problem in Economics - it is what forces all of us into making choices?

a)

Too many resources for the demand

b)

Limited wants

c)

Unlimited resources

d)

Scarcity

4.
In a command economy, who holds power over the economy?
a)
The people
b)
The government
c)
Beyonce
d)
The traditions of your ancestors
5.
What are the three economic questions?
a)
What to produce? How to produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
6.

These resources such as money, tools, and equipment needed for production of products or services.

a)

land/natural

b)

labor/human

c)

capital

d)

entrepreneurship

7.

These are resources in their natural state such as oil, natural gas, coal, trees.

a)

land/natural

b)

labor/human

c)

capital

d)

entrepreneurship

8.

These resources are employees of the business.

a)

land/natural

b)

labor/human

c)

capital

d)

entrepreneurship

9.

Economic utility is the amount of _________________ a consumer receives from the consumption of a particular product or service.

a)

value

b)

profit or commission

c)

interest or dividends

d)

wealth or prosperity

10.

The combination of unlimited needs and wants with limited resources results in:

a)

Marketing

b)

Competition

c)

Scarcity

d)

Economics

11.

The quantity of a product consumers are willing and able to buy at a given price.

a)

Supply

b)

Competition

c)

Demand

d)

Scarcity

12.

The quantity of a product that producers are willing and able to produce at a given price:

a)

Supply

b)

Competition

c)

Demand

d)

Scarcity

13.

When the price of a product is increased, less will be demanded and when the price is decreased, more will be demanded. This statement illustrates the ….

a)

Law of Demand

b)

Law of Economics

c)

Law of Supply

d)

Law of Pricing

14.

The Market Price is found at the point where supply and demand curves meet. What is another name for the point where supply and demand curves meet?

a)

Price point

b)

Market point

c)

Equilibrium point

d)

Selling point

15.

This situation occurs when supply exceeds demand:

a)

Surplus

b)

Industrialization

c)

Shortage

d)

Globalization

16.

When demand exceeds supply, this will occur:

a)

Surplus

b)

Industrialization

c)

Shortage

d)

Scarcity

17.

In the GDP equation, what does the 'C' stand for?

en la ecuación gdp "c" significa

a)

Consumer spending

Gasto de los consumidores

b)

Consumer income

Ingresos del consumidor

c)

Consumer advertising

publicidad del consumidor

d)

Consumer health

salud del consumidor

18.

In the GDP equation, what does the 'G' stand for?

En la ecuación del GDP, ¿qué significa la "G"?

a)

Government taxes

impuestos del gobierno

b)

Government spending

el gasto público (gobierno)

c)

Government budget

presupuesto del gobierno

d)

State Government

Gobierno del estado

19.

In the GDP equation, what does the 'I' stand for?

En la ecuación del GDP, ¿qué significa el "I"?

a)

Investment banking

Banca de inversión

b)

Investment savings

Ahorro de inversión

c)

Investment spending

Gasto en inversiones

20.

The total value of all final goods and services produced in the economy in a given year is known as:

El valor total de todos los bienes y servicios finales producidos en la economía en un año determinado se conoce como

a)

Unemployment rate

la tasa de desempleo

b)

Supply and Demand

oferta y demanda

c)

Gross Domestic Product

el producto interno bruto

d)

Communism

el comunismo

21.

A shoe produced in South Korea and sold in the U.S.

Un zapato producido en Corea del Sur y vendido en los EE.UU.

a)

Included in U.S. GDP

Incluido en el PIB de EE.UU.

b)

Included in South Korea GDP

Incluido en el PIB de Corea del Sur

22.

In which part of the GDP calculation does this fit?

¿En qué parte del cálculo del PIB encaja esto?


The US military spends $5 billion on five new helicopters.

El ejército estadounidense gasta 5.000 millones de dólares en cinco nuevos helicópteros.

a)

Consumer spending

Gasto de los consumidores

b)

Government spending

el gasto público

c)

Investment spending

Gasto en inversiones

d)

Net exports

exportaciones netas

23.

Each individual on food stamps can receive up to $194 a month. Is this included in government spending for GDP?

Cada individuo en cupones de alimentos puede recibir hasta $194 al mes. ¿Esto está incluido en el gasto público para el PIB?

a)

Yes - Government spending

Sí - Gasto público

b)

No but it is Consumer Spending

No, pero es gasto del consumidor

c)

No - Intermediate Goods

No - Bienes intermedios

d)

No - Purely financial Transaction

No - Transacción puramente financiera

24.

In which part of the GDP calculation does this fit?

¿En qué parte del cálculo del PIB encaja esto?


You buy a new Iphone 11

usted compra un nuevo iphone 11

a)

Consumer spending

Gasto de los consumidores

b)

Government spending

el gasto público

c)

Investment spending

Gasto en inversiones

d)

Net exports

exportaciones netas

25.

Which of the following is the GDP equation?

a)

C + I + G- NX

b)

K + F+ C

c)

C- I- G- NX

d)

C + I + G + NX

26.

Which component of GDP represents you and is the largest (almost 70% of expenditures)?

a)

C

b)

I

c)

G

d)

NX

27.

NX represents

a)

net imports

b)

imports-exports

c)

exports-imports

d)

a trade surplus

28.

Zheng Lee loves to collect signature Birkin bags.

a)

Conspicuous Consumption

b)

Useless Purchase

c)

Waste of Money

d)

Consumer Capitalism

29.

What is the definition of investment?

a)

the action or process of investing money for profit or material result.

b)

Something you put your money in for safety.

c)

Giving yourself something you need to grow

d)

We didn't discuss investments. Trick question.

30.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Change in the number of buyers
31.
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
32.
The market equilibrium price is the price at which
a)
surpluses depress the number of goods supplied
b)
shortages and surpluses will have no effect on the market
c)
the government will not intervene in the market
d)
the quantity demanded is the same as the quantity supplied
33.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
34.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
35.
Which of the following is likely to increase the demand for peanut butter?
a)
Fewer children in the population
b)
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
c)
A big increase in the price of jelly.
d)
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
36.
The law of demand states that if the price of CD’s rise, consumers will
a)
Buy more CDs
b)
Buy fewer CDs
c)
Quantity demanded will not change
37.
What does a “surplus” (extra amount) of goods in a market imply?
a)
Prices are too high
b)
Prices are too low
c)
Supply is too low
d)
Demand is too high
38.
In an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?
a)
Supply for gasoline will decrease
b)
Supply for gasoline will increase
c)
Supply for gasoline will stay the same
39.
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.
40.

Mr. Williams goes to the ticket booth to buy tickets for an Atlanta Braves game. Mr. Williams is told that the game is sold out and no tickets are available. Which best explains why there are no baseball tickets available?

a)

The arena forgot to print enough tickets.

b)

The supply of tickets was greater than the demand.

c)

The arena charged too much money for each ticket.

d)

The demand for tickets was greater than the supply.

41.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
42.
Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
43.
Read the following situation to answer the question:

The yeast needed to to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread?
a)
The price will rise.
b)
The price will stay the same.
c)
The price will fall.
44.
Which of the following are responsible for making fiscal policy decision? 
a)
The President and Congress
b)
The Federal Reserve System
c)
The National Council of Economic Advisors
d)
The commerce Department
45.

If the Federal Reserve and the Federal Government are attempting to encourage growth and stimulate the economy, which actions would each take?

a)

Increase the money supply / Decrease government spending

b)

Decrease the money supply / Increase taxes

c)

Decrease the money supply / Increase government spending

d)

Increase the money supply / Increase government spending

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