WorksheetsEconomics Unit Review
Total questions: 56
Worksheet time: 46mins
Doctoral Degree $89,400
Master's Degree $62,300
Bachelor's Degree $52,200
Associate's Degree $38,200
Some College $36,800
HS Graduate $30,400
Some HS $23,400
This table supports the conclusion that a salary________________
Which characteristics would make a job seeker in computer programming most desirable?
This headline describes a case involving _________________
This agreement is an example of how the U.S. takes part in a _________________
The federal government would investigate this company's practices in order to ______________
Which type of economy is being defined?
What type of economy is set up where private individuals, businesses, and the government share economic decision making?
Mixed Economy
Free-Market Economy
Foreign Economy
Command Economy
The definition of ______________ states that consumers determine through purchases what goods and services will be produced.
Entrepreneur
Proprietorship
Consumer Sovereignty
Competition
Rivalry between producers/sellers of a good or service result in better quality goods and services at a lower price. This is called __________.
Consumer Sovereignty
Capitalism
Corporation
Competition
Enforcing antitrust legislation discourages the development of __________.
Low Wages
Monopolies
New Businesses
Competition
What government agency regulates what is seen and heard on television and radio?
Environmental Protection Agency
Federal Trade Commission
Federal Communications Commission
National Aeronautics and Space Administration
What is a form of business organization with 1 owner who takes all the risks and all the profit?
Partnership
Corporation
Incorporation
Proprietorship
What is a form of business that is authorized by law to act as a legal person regardless of the number of owners. Owners share the profits, and owner liability is limited to what they have invested.
Partnership
Monopoly
Corporation
Proprietorship
A person who takes a risk to produce goods and services in search of a profit is called a(an)_____________.
Competitor
Entrepreneur
Politician
Environmentalist
Government tax ________ increase funds for private and business spending.
increases
do not change
drastically change
decreases
The Federal Reserve Bank is the central bank of the United States and acts as a ___________>
Bankers' bank
People's bank
The government of Russia's bank
Virginia's Bank
One of thse is NOT an example of a public service or good. It is__________.
Banks
National Defense
Interstate Highways
Postal Service
The two ways the government provides public goods and services is through borrowed money and ________.
Illegal seizure of money
Community Services
Forced Labor
Tax Revenue
Individuals have the right of private ownership, which is protected by negotiated _________ that are enforcable by law.
arguments
divorce settlements
hostages
contracts
Government agencies establish guidelines that protect public ________ and _____.
privacy and homelife
health and safety
privacy and secrets
interest and health
In the United Staes, who is it that determines through their purchases what businesses will produce and sell?
Credit analysts
Corporations
Capybaras
Consumers
A cement mixer would be considered a __ resource.
land
labor
capital
If cotton candy costs a quarter to make, and everyone at the carnival is in his line, the producer is going to sell his cotton candy for
2 bags for a quarter
$1 a bag
a nickle a bag
Next week, the cotton candy producer decides to charge $5 a bag, but no one gets in his line. What will the producer have to do?
raise his prices
make popcorn instead
lower his prices
Government is most involved with ___ decision-making in a mixed economy.
public
private
centrally owned
Buy one, get one free is known as
a bribe
an incentive
an opportunity cost
Which is not a characteristic of a free market economy?
profit motive
competition
lack of consumer choice
Pizza Hut and Domino's, McDonald's and Wendy's have long been competitors. Because of these rivalries, a positive economic scenario has occurred. Usually,
the price and quality are equal
the price and the quality are both super high
the price is low, and the quality is better
Because of consumer sovereignty,
consumers determine through their purchases, what and how much will be produced
produces have no input into what is made
production is decided by the goverrnment
Why does anyone ever have to make a choice?
because there is an abundance of resources
resources are plentiful
there is an inability to satisfy everyone's wants and needs
People use various forms of money to--
Keep governments mints in operation
Discover what businesses are honest
Protect themselves from robbers
Facilitate the exchange of goods and services
When the government uses tax dollars to purchase products and/or services from the public, they are participating in what economists consider the--
Spread of money
raising their prices to ensure higher profits
economic flow
purchasing of products
Use the map to answer the question
Which buying and selling of goods and services is represented by the map?
Circular flow
Global Trade
Global Warming
Economic problems
a major advantage of trading with other countries is that--
Jobs are sometimes eliminated
We are able to purchase goods and services at lower prices
We can conserve our resources
Factories can produce whatever they want
Which government regulatory agency monitors television programming?
Environmental Protection Agency (EPA)
Federal Trade Commission (FTC)
Securities and Exchange Commission (SEC)
Federal Communication Commission (FCC)
Taxes and borrowed funds are two ways the government provides
Vacations
Bonuses
Public goods and services
News conferences
Who would borrow money from financial institutions?
savers and insurers
individuals and businesses
Courts and legislatures
military officers and tax collectors
In our economy individuals (households) do all EXCEPT
Reinvest profits by buying more resources
Sell their resources
Use the income to purchase goods and services
limit their purchases according to government recommendations.
Both the US and VA pursue world trade to--
Promote equal opportunists for all people
Maintain peaceful relations with foreign countries
Increase wealth and create jobs
Enforce laws and guidelines enacted by Congress
All the ways government promote marketplace competition EXCEPT
Encouraging businesses to start
passing and enforcing laws to prevent monopolies
participation in global trade
limiting small business start up loans
What is one likely way that government can support additional spending on public programs?
raise interest rates
lower interest rates
raise taxes
lower taxes
All are roles of the Federal Reserve EXCEPT
Control the amount of money in circulation
Regulate the interest rates for a home mortgage
Regulate how much money a bank must keep on hand
Control the interest rates that banks borrow money
The right of private ownership is
Restricted to people 18 and up
Not recognized in the Constitution
Denied if you are convicted of a felony
Protected by contracts with the force of law
If a consumer is harmed by a product what can the consumer legally do?
The consumer does not have any rights
Arrest the store owner through the Citizen's Arrest Act of 1881
Have the government immediately shut down the company that made the product
Take legal action against the company that made the product
The federal reserve system tries to keep inflation low and stable by
Managing the amount of money in the economy
Encouraging higher prices for goods and services
Receiving deposits and making loans
Paying for public goods and services
