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WorksheetsEconomics Final Assessment Review #1
Total questions: 30
Worksheet time: 18mins
Economics is the study of how people make choices about ways to use _______________ resources to fulfill their unlimited wants and needs.
Limited
Unlimited
Natural
Man-made
A teacher gives extra credit if a student completes a test study guide... This is an example of ?
Voluntary Exchange
Freedom of Choice
Positive Incentives
Negative Incentives
The limited availability of resources is known as...
Scarcity
Voluntary Exchange
Profit
Opportunity Cost
A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?
Comparative Advantage
Equilibrium Point
Income Effect
Opportunity Cost
Capitalism is in what type of economy?
Traditional
Command
Market
Authortarian
When customers and business owners exchange products and money, because it will help them both in some way.
voluntary exchange
volunteering to help someone for free
opportunity cost
reading quizzes
An economist might say that higher interest rates would make people do what?
Postpone the purchase of a new home
Buy a used car instead of buying a new car
Save more money in the bank
All of the Above
If a person wanted to make long-term investment decisions, which financial report would they use?
Bank Statements
Stock Market Statements
Credit Card Statements
The Dow Jones Average
What do you think should be part of building your financial plan?
Wants
Needs
Income
Both Wants & Needs
How often should a person update their monthly budget?
Every day - it should be adjusted all the time
Any time that income & expenses change
Monthly - regular updates can spot budget problems
Never - once you set a budget, you don't need to change it
The concept of economic scarcity refers mainly to decisions about what?
How resources are allocated
How goods are designed
How taxes are levied
How jobs are created
Why would someone choose to buy something by credit card over paying by cash/check?
It is cheaper to pay by credit than cash.
Get it now - can buy now, pay later.
Checks are hard to write.
Cash is hard to keep track of.
The United States economy is best described as what?
A mixed economy with market & government elements
A pure market economy without government regulation
A traditional economy
A command economy
Why would a computer database designer have a greater earning potential than a typewriter repair person?
Database design has a higher market value than typewriter repair services.
The supply of database workers is higher than typewriter technicians.
The demand for typewriter services is equal to the demand for database services.
Typewriter technicians have lower living expenses than database designers.
* All community members are fishers or farmers.
* All children grow up to do the same work as their parents.
* All family members work for the benefit of the community.
These ideas above likely describe aspects of a what?
Mixed economy
Market economy
Command economy
Traditional economy
Sometimes, you will need to plan for making a purchase. What types of items do you think you would need to make a plan for?
Groceries
Rent
Vacation
Gas
When considering a financial plan, you would want to include everyday expenses. What is something else you might want to include in your plans?
Savings
Vacation
Emergency fund
All of the above
A savings account is a hedge against a recession because ________.
Your savings account can disappear if the bank closes.
Your savings account can go up or down in value.
Your savings account provides no protection against an economic downturn.
Your savings account is insured and you cannot lose your savings.
Savings can be kept in ________.
A mattress
A piggy bank
A real bank
All of the above
Which of the following is NOT a role of a bank?
Make loans
Sell Stocks
Sell certificates of deposit (CDs)
Provide safe deposit boxes
You can save money using which of the following investments?
Stock
Hedge fund
Derivative
Bond
In which of the following situations would we want to use disability insurance?
Anytime we get sick
When we have a baby
When we cannot work because of illness or injury on the job
When we lose an arm or a leg
Which of the following is NOT a method of borrowing money?
Lay Away
Borrowing money from a friend
Buying a house with a mortgage
Using a credit card to make purchases
Which of the following is a good debt?
Mortgage
Credit Card
Payday loan
Buy here, pay here
Which of the following is a method of borrowing money?
Buy here, pay here
Lending money to a friend
Christmas fund
Lay away
