Font size
WorksheetsEPF Final Review #5: Economics
Total questions: 53
Worksheet time: 28mins
Economics studies....
How weath is distributed
How wealth is created
How individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs
Macroeconomics focuses on...
Individuals, businesses and markets
Markets, supply and demand
Investment and consumer decisions
Countries and governments
Businesses will produce what customers demand. This is called...
Consumer Demand
Consumer Sovereignty
Consumer
Choice
Services include...
A landscaper
A shovel
A plant
Businesses and individuals that provide good are called producers.
True
False
Select all the goods.
Police
Phone
Lawyer
Clothes
Microeconomics focuses on...
Individuals and businesses
The economy as a whole
Countries and governments
An opportunity cost is...
(mark all that are correct)
what a person gives up when making a particular choice.
when you only have one choice.
also called a "trade off."
something that can be financial and/or personal.
Consumers create demand for products.
True
False
The Law of Demand is...
The demand for a product will lower as the price increases, and demand will rise if the price decreases.
The demand for a product will rise as the price increases, and the demand will lower if the price decreases.
The demand of which good is elastic?
Gas
Jewelry
Medicine
The law of supply is...
Lower prices increase the supply of a good, and higher prices will decrease the supply of a good.
Higher prices increase the supply for a good, and lower prices will decrease the supply of a good.
Which good has inelastic demand?
art
medicine
sports cars
Everything is naturally scarce, that is why we must make choices.
True
False
Used to measure the production of an entire country in one year
FICO
GDP
FDIC
CPI
When the average price of goods go up quickly
and stays high for a period of time time
Recession
Deflation
Inflation
Shortage
Used to measure the change in prices for consumer goods and services
FDIC
FICO
CPI
PIN
Who is concerned about marginal cost?
Producers, becuase it is about the cost to produce one more item.
Consumers, becuase it is about the cost to purchase one more item.
Which is NOT an example of a shortage?
No hand sanitizer at Costo during COVID
The amount of clothes you are able to buy
No bread at the store right before the snowstorm
When someone decides to not buy something becuse they can't afford it, that is...
The Substitution Effect
The Income Effect
Marginal Cost
The amount a consumer is willing to pay from one more item is...
Marginal Cost
Marginal Utility
Marginal Benefit
If the price goes up, the products' supply will ___________
Go up
Not change
Go down
It depends
If the price goes up, demand for a product will _________
Go up
Not change
Go down
It depends
If you choose to buy the Walmart brand of soda instead of a Pepsi, that is...
The Income Effect
Marginal Effect
Substitution Effect
When the 5th cookie you eat doesn't satisfy you as much as the first,
that is an example of...
Marginal Benefit
Marginal Utility
Marginal Cost
For the DECIDE Decision-Making Model, each letter stands for a step in the process. The first "D" stands for ________ the problem
Determine
Define
Deduct
For the DECIDE Decision-Making Model, each letter stands for a step in the process. The first "E" stands for ________ the criteria
Establish
Estimate
Exclude
For the DECIDE Decision-Making Model, each letter stands for a step in the process. The "C" stands for ________ all the alternatives
Check
Communicate
Consider
For the DECIDE Decision-Making Model, each letter stands for a step in the process. The first "I" stands for ________ the best alternative
Identify
Insert
Imagine
For the DECIDE Decision-Making Model, each letter stands for a step in the process. The second "D" stands for ________ and implement a plan of action
Design
Develop
Determine
For the DECIDE Decision-Making Model, each letter stands for a step in the process. The second "E" stands for ________ the solution
Evolve
Evaluate
Estimate
What is not included in the Four Factors of Production?
Land
Money
Capital
Labor
An example of "Land" for the Four Factors of Production whould be:
(Mark all that are correct)
The land the Starbucks in built on.
The coffee beans
The water to make the coffee
The asphalt to make the parking lot.
An example of Capital as one of the Four Factors of Production would be:
(Mark all that are correct)
The espresso machine
The aprons
The syrups to flavor the drinks
The Barista
In economics, demand is...
The amount produced by a seller
The amount ordered by a customer
The amount buyers are willing and able to buy
What are the Three Basic Economic Questions?
Who will produce goods?
Where will good be produced?
What will good be used for?
What is innovative?
What is efficient?
What is equitable?
What will be produced?
How will the goods and services be produced?
Who will they be produced for?
What is not one of the 4 Main Types of Economic Systems?
Mercantilism
Capitalist
Free-Market Economies
Mixed Economies
Command
Economies
Traditional
An advantage of a Capitalist Free-Market Economy is:
(Mark all that are correct)
Efficiency
Creativity & Innovation
Builds Wealth
Social and Economic Equity
An advantage of a Tradtional economy is:
(Mark all that are correct)
Strong family and community bonds
Loyalty
Progressive & Innovative
Supportive
An advantage of a Command economy could be:
(Mark all that are correct)
A vision of economic equity
Focus on community
Highly innovative and effecient
Greater governmental control can help protect environment, consumer & labor.
The United States is a ___________ economy.
Command
Mixed
Capitalist
Traditional
Most countires are _________ economies.
Capitalist
Free-Market
Command
Mixed
Traditional
Something that motivates consumers and businesses to do something is called....
An incentive
An advantage
A prize
The supply and demand for a product determines its...
Popularity
Production
Price
Revenue ($ Taken In) - Costs ($ Spent) = ________
Profit
Total
Balance
An example of a depreciating asset would be __________
A home
A car
An investment account
An asset that loses value over time
Appreciating
Depreciating
Deducting
When demand equals supply, we have...
Equilibrium
Equality
Agreement
A farmer's market is an example of what type of market structure?
Monopoly
Monopolistic
Competition
Oligopoly
Perfect Competition
Monopolistic Competition involves...
A standardized product
A single seller
Differing products that serve the same purpose
What are examples of oligopolies?
Cellular,
airlines, and
drug companies
Agricultural markets
Public Utilities
Fast food, clothing stores and grocery stores
An monopoly exists when...
There are many sellers that sell different types of products, but they all serve the same purpose
There is really only one seller of a particular product or service
There are only a few sellers dominating the market
There are multiple sellers offering the same yype of good or service
Measures how comfortable
you are based on the things you own
Consumer Price Index
Standard of Living
Economic class
