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Economics Review Honors

Total questions: 125

Worksheet time: 31hrs 15mins

Name
Class
Date
1.

In 2002, President George W. Bush signed a bill that placed an 8-30% tax on all imported steel into the United States. This bill was created due to the fact that some countries, China especially, were dumping low-priced steel onto the US market. This resulted in many US steel companies declaring bankruptcy. The law was repealed in 2003. What kind of trade barrier is being described.

a)

Tariff

b)

Embargo

c)

Quota

d)

Standard

e)

Subsidy

2.

In an effort to protect US sugar producers, the US limits how foreign-sugar imports into the country. As a result, US citizens pay about 35.02 cents per pound for sugar, while the worldmarket price for sugar is about 19.67 cents per pound. What kind of trade barrier is being described.

a)

Tariff

b)

Embargo

c)

Quota

d)

Standard

e)

Subsidy

3.

In 1960, following the collapse of the Batista regime, the US stopped all imports from Cuba. In addition, the US suspended all exports to Cuba. Currently, the US does allow some companies to export to Cuba, but Cuba must pay cash and cannot use credit. What trade barrier is being described?

a)

Tariff

b)

Embargo

c)

Quota

d)

Standard

e)

Subsidy

4.

The U.S. government gives peanut farmers in Southwest Georgia money to help them lower their production costs in order to help them compete with peanut farmers from Canada. What is this called?

a)

Tariff

b)

Embargo

c)

Quota

d)

Standard

e)

Subsidy

5.

Free Trade agreement between the United States, Canada, Mexico Came into effect in 1994

a)

European Union (EU)

b)

Association of Southeast Asian Nations (ASEAN)

c)

North American Free Trade Agreement (NAFTA)

6.

Free Trade Agreement among the nations of Europe

Adopted common currency: Euro

a)

European Union (EU)

b)

Association of Southeast Asian Nations (ASEAN)

c)

North American Free Trade Agreement (NAFTA)

7.

A system of trade policy that allows the free exchange of goods between countries. Usually means no tariffs or trade barriers. This is a definition of ….

a)

Protectionism

b)

Free Trade

c)

Isolationism

8.

Preventing a foreign product or service from freely entering a nation's territory. This is a definition of …..

a)

Protectionism

b)

Free Trade

c)

Isolationism

9.

Increasing domestic employment, national defense, protecting infant industries , and protection from "dumping" are all arguments against free trade.

a)

TRUE

b)

FALSE

10.

People having access to more goods, competition from foreign producers, and more demand for American made products are all arguments in favor of free trade.

a)

TRUE

b)

FALSE

11.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
12.
In which market structure is there the MOST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
13.
Which type of market structures has very few producers(companies) that control the majority of the market?
Hint: think of the soda market
a)
perfect competition
b)
monopolistic competition
c)
oligopoly
d)
monopoly
14.
Which scenario is an example of a monopoly? 
a)
A local water company is the sole provider of water for a small town.
b)
A dry cleaner specializes in environmentally friendly cleaning methods.  
c)
A farmer produces green beans for sale at a farmer's market.
d)
A small number of cereal companies produce most of the cereal on the market.
15.
In the 1990s, AT&T controlled 80% of the phone industry and was the ONLY provider of long distance phone service. This is an example of
a)
A monopoly
b)
Monopolistic Competition
c)
Perfect Competition
d)
Oligopoly
16.
This market structure has 3-4 firms who dominate 70-80% of the industry. 
a)
Monopoly
b)
Monopolistic Competitio
c)
Perfect Competitio
d)
Oligopoly 
17.
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
18.

When companies that form on oligopoly cooperate together to set or fix prices at a given level, they are engaging in

a)

Monopoly

b)

Vertical Integration

c)

Collusion

19.
How many firms are there in a monopoly?
a)
1
b)
2-5
c)
Many
20.
Group of works who collective bargain to get higher pay, more rights and better working conditions
a)
Soviet Union
b)
Labor Union
c)
Commune 
d)
Trade Federation
21.
Collective bargaining is the 
a)
practice used by employers to hire groups of laborers.
b)
practice used by employers to get the cheapest labor possible.
c)
idea that laborers working in groups are more productive in the workplace.
d)
idea that laborers acting together have greater success in negotiating with management.
22.

If a state has a right-to-work law, it is ______ to force workers to join a union as a condition of employment.

a)

legal

b)

illegal

c)

unconstitutional

d)

encouraged

23.

This is a place of work where union membership is a condition of being hired.

a)

labor union

b)

strike

c)

right to work

d)

closed shop

24.
Frank's parents own their house. Which type of tax will Frank's parents pay annually?
a)
Property Tax
b)
Payroll Tax
c)
Income Tax
d)
Sales tax
25.
The cost for the new Fallout 4 game is $59.99, but the cashier asked for more money, because of a tax.  What type of tax is this? 
a)
Income
b)
Property
c)
Payroll
d)
Sales
26.
Harris county charges tax each year on the house that Julia owns.  She pays around $6,500 in taxes each year for her house. Which type of tax is this?
a)
Income
b)
Property
c)
Payroll
d)
Sales
27.
This is a tax on retail items 
a)
Income
b)
Property
c)
Payroll
d)
Sales
28.
Property Tax is-
a)
Tax on things you buy or purchase
b)
tax on the house you own
c)
tax take out of your paycheck
d)
tax that you pay once a year on your income
29.
Sales Tax is-
a)
tax on retail goods
b)
tax on the house you own
c)
tax taken out of your paycheck
d)
tax that you pay once a year on your income
30.
Taxes are - 
a)
Money given to you by the government
b)
Free money to you
c)
Money you must pay to the government
d)
Money in someone's piggy bank
31.

Which of these is a progressive tax?

a)

airport tax

b)

income tax

c)

property tax

d)

sales tax

32.

Who primarily uses our tax money? (hint: choose 2 correct answers)

a)

Your employer

b)

The state government

c)

The Federal government

d)

Local Businesses

33.
a tax in which the tax rate increases as the taxable amount increases
a)
progressive
b)
regressive
c)
flat
d)
proportional
34.
A _________ tax, also referred to as a flat tax, impacts low-, middle- and high-income earners relatively equally. 
a)
regressive
b)
proportional
c)
income
35.

the Federal Government earns most of its money from...

a)

Corporate Tax

b)

Social Security and Retirement

c)

Individual Income Tax

36.

Which of the following items would you pay an Excise tax on? (Select all that apply)

a)
b)
c)
d)
37.

What is a deduction?

a)

money the government withholds from your paycheck

b)

money you subtract from your taxable income to lower the amount of taxes you owe

c)

a person who depends on you financially

d)

money your employer withholds from your paycheck to pay taxes on your behalf

38.

Why does the US government enforce antitrust laws?

a)

To ensure the development of public goods and services

b)

To create incentives for research and development

c)

To develop large-scale efficient industries

d)

To ensure competition in the marketplace

39.

Jane is a movie producer. She has just produced a new movie and she wants to ensure that she has the exclusive right to distribute the film.

What is the role the government would most likely play in protecting Jane’s property rights in this situation?

a)

Copyright law would prevent other people from showing the movie without her permission.

b)

Creative commons licensing would give her control of advertisements for the movie.

c)

Patent law would give her control of the machinery used to produce her movie.

d)

Trademark law would prevent others from discussing the movie in print.

40.

How does the federal government protect a company’s name or symbol?

a)

It issues a trademark

b)

It issues a copyright

c)

It issues a license

d)

It issues a patent

41.
Jose Altuve for the Houston Astros makes $625,000 every year.  He has to pay taxes on the money his annual earnings. Which type of tax is that?
a)
Property Tax
b)
Income Tax
c)
Payroll tax
d)
Sales tax
42.

Who is 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 Department of Commerce

43.

The federal government's overall approach to spending and taxes is called

a)

Physical Policy

b)

Fiscal Policy

c)

The Federal Reserve

d)

Monetary Policy

44.

The headline below indicates which type of policy:

"Fed unleashes another big rate hike in bid to curb inflation"

a)

Fiscal policy

b)

Monetary policy

45.

Monetary policy decisions are made by:

a)

Congress

b)

Senate

c)

The Fed

d)

President

46.

Taxing and Spending are tools of

a)

fiscal policy

b)

monetary policy

47.

Is a joint effort between the executive and legislative branches

a)

fiscal policy

b)

monetary policy

48.

In order to help the economy grow, the government will decrease or lower taxes. This allows people to have more money and buy more goods and services.

a)

fiscal policy

b)

monetary policy

49.

What can the government do to slow the economy in order to reduce inflation?

a)

lower taxes

b)

raise taxes

c)

spend more

50.

To help the economy grow, the government can

a)

increase spending

b)

decrease spending

c)

lower the minimum wage

d)

raise taxes

51.

The action by the FED to adjust the size of the money supply, and to adjust interest rates in order to keep prices down and employment high.

a)

fiscal policy

b)

monetary policy

52.

In order to help the economy grow, the FED may____________the reserve requirement, allowing banks to loan more people money so that they spend more

a)

lower

b)

raise

c)

spend more

d)

save more

53.

In order to slow the economy, the FED may____________ the reserve requirements and there will be less money to loan out to people.

a)

increase

b)

decrease

c)

spend more

d)

tax more

54.

The amount that all banks have to keep in the reserve and they can't loan out to people

a)

monetary lending

b)

fiscal spending

c)

reserve requirement

d)

lending policy

55.

The interest rate the FED charges banks to borrow money will be lowered to help the economy grow and raised to slow the economy

a)

reserve requirement

b)

discount rate

c)

bank rate

d)

monetary bank

56.
The manipulation of the money supply in order to influence the cost and the availability of credit is 
a)
Banking Policy
b)
Fiscal Policy
c)
Monetary Policy
d)
Spending Policy
57.
If the Federal Reserve System wanted to stimulate the U.S. economy and reduce unemployment, it would
a)
A. cause interest rates to decrease because low interest rates encourage businessgrowth and expansion
b)
B. cause interest rates to rise because high interest rates encourage business growthand expansion
c)
C. increase the discount rate it charges banks, which would increase the money supply
d)
D. increase consumer spending by reducing the money supply
58.
Which of the following is not a tool of fiscal policy?
a)
Taxing
b)
Spending
c)
Interest Rates
d)
All of these options are tools of fiscal policy.
59.
When the government raises taxes, what does it take out of circulation?
a)
Money
b)
Credit
c)
People
d)
Jobs
60.
True or False-- the Federal Reserve helps with fiscal policy
a)
True
b)
False
61.

How many phases make up the business cycle?

a)

2

b)

4

c)

6

d)

8

62.

GDP is the process of declining during a(an)

a)

peak

b)

contraction

c)

expansion

d)

trough

63.

If a news headline says, "Finally!!! 2 straight months of increased jobs."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction

c)

Trough

d)

Expansion

64.

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction

c)

Trough

d)

Expansion

65.

Which of the following is an expansion, or recovery?

a)

A

b)

B

c)

C

d)

D

66.

At what point in the business cycle is GDP the highest?

a)

Peak

b)

Expansion

c)

Recovery

d)

Trough

67.

Gross domestic product is the total ____ produced within a country in a given time period.

a)

market value of all final and intermediate goods and services

b)

market value of all final and intermediate goods and services plus investment and depreciation

c)

amount of final and intermediate goods and services

d)

market value of all final goods and services

68.
High levels of GDP per capita indicate...
a)
Higher levels of happiness 
b)
Higher standard of living
c)
Equal levels of wealth 
d)
Self-sufficient communities
69.
What does Per Capita Mean?
a)
Per Household
b)
Per Object
c)
Per Worker
d)
Per Person
70.

GDP per capita is found by dividing a country's GDP by it's

a)

population.

b)

average birth rates.

c)

number of households.

71.

People in countries with a high GDP per capita might live longer because they can afford the the things they need to survive, like food and water.

a)

True

b)

False

72.

Countries with a higher GDP per capita usually have more people who know how to read and write because there may be more money for schools and education.

a)

True

b)

False

73.

a measure of how well people live, based on their wealth and how much "stuff" people have

a)

standard of living

b)

quality of life

c)

income inequality

74.

Which of the following is true of real GDP? 

a)

It is adjusted for changes in prices; like inflation

b)

It is always equal to the nominal GDP

75.

Unemployment is defined as  

a)

the percentage of people in the population who do not have a job

b)

the percentage of people in the labour force who do not have a job

c)

the percentage of people in the population who do not have a job and are actively looking for one

d)

the percentage of people in the labour force who do not have a job and are actively looking for one

76.

Which of the following is NOT a Phase?

a)

Expansion

b)

Contraction

c)

Neutral

d)

Peak

e)

Trough

77.

The Business Cycle measures ___ over time.

a)

wealth

b)

inflation

c)

economic growth

78.

GDP declines during a(an)

a)

peak

b)

contraction

c)

expansion

79.

Economic recovery begins-

a)

above the trend line

b)

at the end of a recession (trough)

c)

at the "boom" period

80.

GDP will begin to decline at-

a)

the peak.

b)

the trough.

c)

the contractionary phase.

81.

GDP declines during a(an)

a)

peak

b)

contraction

c)

expansion

82.

Which of the following is a peak?

a)

A

b)

B

c)

C

d)

D

83.

Which of the following is a recession, or contraction?

a)

A

b)

B

c)

C

d)

D

84.

Which of the following is a trough?

a)

A

b)

B

c)

C

d)

D

85.

Which of the following is an expansion, or recovery?

a)

A

b)

B

c)

C

d)

D

86.

GDP divided by ______ = GDP per capita

a)

population

b)

income

c)

wealth

d)

production

87.
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
88.
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
89.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
90.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
91.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
92.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
93.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
94.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
95.

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

96.

What does the law of demand say

a)

consumers will buy less of something  when the price goes down

b)

consumers will buy more of something  when price increases. 

c)

 consumers will buy more of something  when prices decrease.

d)

None of the above.

97.

Supply and demand determine

a)

needs and wants

b)

all goods produced

c)

the price for a good or service

d)

All of the above

98.

Equilibrium is 

a)

when there is a surplus

b)

when there is a shortage

c)

when there is both a surplus and a  shortage

d)

when the producer and the consumers  agree on a price

99.

Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball 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.
100.
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.
101.
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.
102.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
103.
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
a)
The price will go up.
b)
The price will go down.
104.

What is the purpose of a free-market system?

a)

to protect the conditions that enable specialization

b)

to stimulate the growth of the gross domestic product

c)

to raise the standard of living for everyone in the country

d)

to allow consumers and producers to make their own decisions

105.

Consumer surplus decreases when the price in that market increases.

a)

True

b)

False

106.

Trade without the use of money

a)

banter

b)

theft

c)

barter

d)

purchase

107.

Consumer Price Index (CPI) measures

a)

height

b)

weight

c)

happiness

d)

inflation

108.

Before 1971 the American dollar was backed by?

a)

wheat

b)

gold

c)

corn

d)

oil

109.

People and communities are forced to make economic decisions due to the fundamental economic problem of what?

a)

taxes

b)

scarcity

c)

supply and demand

d)

natural resources

110.

Which of the following is NOT a factor of production?

a)

Capital Resources

b)

Labor

c)

Government

d)

Natural Resources

111.

When making a trade-off decision, which term describes the value of the option NOT taken?

a)

Opportunity Cost

b)

Surplus

c)

Shortage

d)

Equilibrium

112.

Which term best describes people like Mark Zuckerburg, Bill Gates, and Oprah Winfrey?

a)

Middle Class

b)

Government Agents

c)

Public Servants

d)

Entrepreneurs

113.

Which of the following is considered a capital resource?

a)

solar power

b)

a forest

c)

airplane

d)

part-time employee

114.

Which of the following is NOT a factor of production

a)

Entrepreneurship

b)

Natural Resources

c)

Capital Resources

d)

Tax Revenues

115.

Which economic law states that consumers are more willing an able to purchase goods and services when prices decrease?

a)

law of gravity

b)

law of averages

c)

law of supply

d)

law of demand

116.

What situation will likely result if the price of a good is set above equilibrium price?

a)

Inflation

b)

Shortage

c)

Surplus

d)

Bankruptcy

117.

Which of the following would likely cause the demand curve for housing to shift left?

a)

a increase in the population

b)

an increase in home mortgage interest rates

c)

an increase in general income

d)

a decrease in automobile loans

118.

Economic booms can cause problems as well as create benefits because they are often accompanied by ________

a)

deflationary pressures.

b)

excessive labour-force participation.

c)

inflationary pressures.

d)

pressure on the government budget deficit to rise.

119.

Which group/s that tends to be most hurt by unexpected inflation?

a)

banks

b)

employers

c)

fixed-income earners

d)

variable-income earners

120.

When demand changes a lot with the price of a good that is

a)

Elastic

b)

Inelastic

121.

Items that have supplies that are increased with difficulty are_____________

a)

Elastic

b)

Inelastic

122.

Refer to Table 2. If the price is $8.00

a)

A surplus of 30 units would exist and price would tend to drop

b)

A shortage of 60 units would exist and price would tend to rise

c)

A shortage of 30 units would exist and price would tend to rise

d)

A surplus of 60 units would exist and price would tend to drop

123.

Which of the following graphs shows the demand and supply curves for Table 3?

a)
b)
124.

Which of the following describes the relative elasticity in demand for toothpaste?

a)

Demand is inelastic because it is a luxury item

b)

Demand is elastic because there are no substitutes

c)

Demand is inelastic because it makes up a large share of most people’s budget

d)

Demand is inelastic because it is a low-cost necessity

125.

When the quantity demanded for a product is less than the quantity supplied, the market

a)

has prices that are too low

b)

is in equilibrium

c)

has a surplus

d)

is controlled by a monopoly

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