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Worksheets2023 Economics Final Study Guide
Total questions: 146
Worksheet time: 2hrs 26mins
Name
Class
Date
1.
Making the right choices with your money—managing your money—involves knowing how . . .
a)
Planning, saving, spending, and investing will define your financial portfolio
b)
To make bank deposits using registers with the appropriate transactions listed
c)
Consumer decisions will affect your accounts
d)
Earning, budgeting, saving, spending, and giving affect your money
2.
True or False: Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.
a)
True
b)
False
3.
You should always make sure you have a …
a)
Budget
b)
Credit line
c)
Direct deposit
d)
Credit card
4.
To gain an understanding of your personal finances, you should know . . .
a)
Your financial goals
b)
Where you stand financially, how much income you have, what goals you want to set, and how you’ll reach those goals
c)
How much income you have
d)
Your investment portfolio and your financial advisors’ contact information
5.
A money principle to keep in mind is to live on ____________ you make.
a)
Exactly 20% below what
b)
More than
c)
The same as
d)
Less than
6.
To know your net worth, subtract your liabilities from your ____________.
a)
Other liabilities
b)
Net income
c)
Previous net worth
d)
Assets
7.
What is financial literacy?
a)
The content provided in bank statements for consumers
b)
The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively
c)
The curriculum provided to college students about finances for their degrees
d)
The skills to read financial documents for personal finance classes, goals, and statements
8.
Savers have a tendency to be . . .
a)
Strict with their purchases but spend money without a plan
b)
Strict with only purchases for themselves
c)
Strict with what they spend their money on, other than groceries
d)
Strict with their money and not spend any of it
9.
What is the best way to avoid running out of money too quickly?
a)
You can make it a habit to plan and set goals for your money.
b)
You can avoid making any purchases for the next 30 days.
c)
You can put your money in a safe place, like a bank, and not spend it.
d)
You can invest in college.
10.
It is possible to pay for college with cash.
a)
True
b)
False
11.
What does living paycheck to paycheck mean?
a)
Living paycheck to paycheck is an expression used to describe a situation when someone eagerly awaits their next paycheck to plan for the month’s expenses.
b)
Living paycheck to paycheck is an expression used to explain the situation in which a person cannot plan past the next paycheck due to financial and budgeting difficulties caused by outside circumstances.
c)
Living paycheck to paycheck occurs when a person’s income is devoted to expenses which, in turn, means that little to no money is put in savings.
d)
When a person chooses to not deposit their paycheck, they are living paycheck to paycheck.
12.
Without any debt, you can be outrageously ______.
a)
Selfish
b)
Generous
c)
Cautious
d)
Thrifty
13.
Personal finance is 20% _______ and 80% ______________.
a)
Head knowledge; behavior
b)
Behavior; head knowledge
c)
Cause; effect
d)
Reactions; behaviors
14.
Although the majority of Americans think budgeting is important, about ________ of Americans actually use a budget.
a)
75%
b)
50%
c)
23%
d)
35%
15.
Which of the following is NOT a component of a budget?
a)
Credit Score
b)
Saving
c)
Income
d)
Giving
16.
What are the Four Walls?
a)
Utilities, college fund, restaurants, and car insurance
b)
Cell phone bill, car insurance, shelter, and money for the movies
c)
Food, utilities, transportation, and college fund
d)
Food, utilities, shelter, and transportation
17.
How often should you create a budget?
a)
Daily
b)
Weekly
c)
Monthly
d)
Annually
e)
Bianually
18.
What does a budget show you?
a)
How much you need to save
b)
How much money you plan to come in and go out during the month
c)
How much money you need to earn
d)
How much money you spent last month
19.
How many months does it usually take for your budget to start working as a budget should?
a)
Three
b)
Five
c)
Four
d)
One
20.
Research shows that nearly half of Americans (46%) feel stress and anxiety about the amount of __________ they have.
a)
Money
b)
Debit Cards
c)
Categories in their budget
d)
Personal debt
21.
Going to the movies is an example of what types of expenses?
a)
Intermittent and variable
b)
Discretionary and variable
c)
Discretionary and fixed
d)
Intermittent and fixed
22.
Why is tracking your expenses throughout the month important?
a)
It allows you to delete categories you don't like.
b)
It gives you insight into whether you're sticking to the budget you set.
c)
It helps you pull money from your savings to spend in other categories.
d)
It really isn't that important in the long run.
23.
A common misconception is that budgeting will keep you from having fun, when in reality a budget . . .
a)
Adds more stress to your life
b)
Means there are no rules—you are free to use your money however you want
c)
Restricts your fun completely
d)
Gives you permission to spend
24.
The first priority in your budget should be _______.
a)
Giving
b)
Spending
c)
Saving
d)
Investing
25.
When is the right time to start creating and living by a budget?
a)
Right now - it's never too early!
b)
When you start researching colleges and the costs that come along with it
c)
Once you have a job with an income
d)
When you decide it's time to buy a car
26.
Why is budgeting so important?
a)
It's a good way to make sure all your money is spent by the end of the month.
b)
It helps you figure out the best way to justify purchases that maybe aren't necessary.
c)
It gives you control of your money and sets you up for financial success in the future
d)
It helps you brush up on your math skills.
27.
47% of Americans have less than $1,000 saved for a(n) ________.
a)
Emegency
b)
Car
c)
Retirement fund
d)
New smartphone
28.
Once you have a $500 emergency fund, you should . . .
a)
Start putting it toward debt
b)
Invest it in the stock market to grow your money
c)
Save it until you have an emergency
d)
Use the money to pay for health insurance
29.
The best way to build wealth is to start investing early. You should start investing money . . .
a)
Once you have a fully-funded emergency fund
b)
Once you're out of college, living debt-free, and have 3–6 months of living expenses saved
c)
When the stock market is performing really well
d)
As soon as you have extra cash
30.
Which two habits are the most important for building wealth and becoming a millionaire?
a)
Working a high-paying job and relying on a trust fund
b)
Always paying off your credit card on time and putting extra money into a retirement account
c)
Investing into the right stocks and using a private CPA
d)
Consistently investing money and patience to give it time to grow
31.
_________ is a millionaire's best friend.
a)
Accrued interest
b)
Compound growth
c)
High returns
d)
Profit sharing
32.
What is the goal of an emergency fund?
a)
To pay for large purchases
b)
To save for your children's college expenses
c)
To have cash on hand for unexpected events
d)
To pay for health insurance
33.
. Once you're out of school, have started your career, and have zero debt, your emergency fund should have ___________.
a)
3-6 months of income
b)
3-6 months of living expenses
c)
$3,000
d)
$5,000
34.
While saving money isn't easy at first, it will make your life a lot ________ in the future if you make it a habit now.
a)
Easier
b)
Harder
c)
Poorer
d)
Longer
35.
The amount of interest charged on a debt but not yet collected is called . . .
a)
Accrued interest
b)
Interest rate
c)
Same-as-cash
d)
Growth rate
36.
One of the main reasons we build wealth is so that we can . . .
a)
Give to those in need
b)
Spend it all on ourselves
c)
Impress the people around us
d)
Prove that we are successful
37.
Something that credit card commercials don't show you is . . .
a)
People making payments for months or years on those credit card purchases
b)
How much your credit score will grow right away
c)
How happy your parents will be that they don't have to lend you cash anymore
d)
How great your life will be with payments
38.
Banks and lenders use credit scores to determine . . .
a)
The likelihood that someone is able to repay debt
b)
A person's financial responsibility
c)
How much collateral someone has available to put up for a loan
d)
How successful someone is
39.
Your greatest tool to building wealth is ________.
a)
Tax cuts
b)
Single Stocks
c)
Your income
d)
Your credit scores
40.
Once you turn 18, you should regularly check your credit report . . .
a)
For errors or signs of identity fraud
b)
To make a plan for improving your credit score
c)
To keep an eye on your credit score
d)
Only if you have a credit card
41.
Credit cards that offer flashy rewards like airline miles often . . .
a)
Charge a high annual fee
b)
Don't include protection against fraud
c)
Can't be used for personal expenses
d)
Have no interest fees
42.
Car lease agreements come with a stipulation that you must pay a penalty if you _________.
a)
Go over the pre-established mileage cap
b)
Drive the car out of state
c)
Don't park under a garage
d)
Don't wash the car before returning it
43.
The debt snowball method involves . . .
a)
Waiting until the winter months to begin paying off debt
b)
Paying off debts from largest to smallest
c)
Pooling together money from other people to pay off your debt
d)
Paying off debts from smallest to largest
44.
The smartest way to buy a car is to ____________.
a)
Lease it
b)
Finance it but pay the debt as quickly as you can
c)
Take out a personal loan for it
d)
Pay for it in cash
45.
The ___________________ is the total amount of the car loan, plus taxes and fees.
a)
Principal
b)
Value
c)
Interest
d)
Term
46.
How you spend and give your money . . .
a)
Can't be changed, even if you try
b)
Is the most important thing in life
c)
Is a reflection of your personal values
d)
Over-the-limit fee
47.
An example of discretionary spending is __________.
a)
Utilities and food
b)
Transportation
c)
Monthly Rent
d)
Nonessential goods and services
48.
When someone steals and uses your debit or credit card info, that's called __________________.
a)
Networking
b)
Borrowing
c)
Fraud
d)
Authorized spending
49.
Americans spend over $600 a month on ________.
a)
Impulse purchases they didn't plan to buy
b)
Entertainment
c)
Groceries and eating out
d)
Credit card fees
50.
What is the digital marketing strategy that tracks users across the web?
a)
Retargeting
b)
Native ads
c)
YouTube videos
d)
Content marketing
51.
Appreciating who you are and what you have instead of wanting what your friends have is called _______________.
a)
Comparison
b)
Contentment
c)
Gratitude
d)
Consumerism
52.
Creating a budget, having clear money goals, and slowing down to think through a purchase are all practices of a ________________.
a)
College student
b)
Wise consumer
c)
Foolish consumer
d)
Free spirit
53.
When using mobile pay, real time records of what you’ve spent can help you _______________?
a)
Spend more money
b)
Make quicker decisions when buying
c)
Make sure you're sticking to your budget
d)
Feel good about overspending
54.
Stuff doesn't equal ___________ . Debt makes people look better off than they _____________.
a)
Wealth; actually are
b)
Investments; should be
c)
Happiness; deserve
d)
Income; want to be
55.
If you're a victim of card fraud . . .
a)
Contact your bank immediately
b)
Wait until the next week to contact your bank
c)
Wait for your bank to contact you
d)
Call 911 before making any other purchases
56.
Contentment is hindered by ______________.
a)
Immediate gratification
b)
Delayed gratification
c)
Money principles
d)
The Five Foundations
57.
The best way to make the contribution you were born to make is by doing work ______.
a)
That pays you a lot of money
b)
You're passionate about
c)
With nonprofits
d)
That’s easy
58.
An entrepreneur is someone who ____________.
a)
Works an entry level job at a large business
b)
Starts and runs their own business
c)
Gets hired to work for their dream company
d)
Starts and runs someone else’s business
59.
The first step in finding your dream job is _______________.
a)
Interviewing
b)
Discovering your talents, passions, and values
c)
Dreaming about it
d)
Applying
60.
Your resume should NOT include ______________.
a)
Your past job experiences
b)
Professional references
c)
How much money you want to make
d)
Your education
61.
What is the point where your greatest talents, passions, and values intersect?
a)
Your perfect place
b)
Your sweet spot
c)
Your dream job
d)
Your first job
62.
The National Study of Millionaires revealed that millionaires are more likely to . . .
a)
Watch TV at least 10 hours each week
b)
Have an account with at least three social media platforms
c)
Read one nonfiction book each month
d)
Get up by 5 a.m. each morning
63.
Which of the following is NOT a characteristic of an entrepreneur?
a)
Risk taker
b)
One Dimensional
c)
Courageous
d)
Visionary
64.
Being smart about how you spend your free time is important when building your career. Which of the following is a great way to spend your free time?
a)
Playing video games
b)
Learning new things
c)
Checking social media
d)
Streaming videos online
65.
What is the key to failure?
a)
Never embracing it
b)
Avoiding it
c)
Talking about it
d)
Learning from it
66.
A great way to make an impression after an interview is to send a handwritten thank-you note to your interviewer within ________________ after your interview.
a)
2 Weeks
b)
30 Days
c)
30 Minutes
d)
48 Hours
67.
Many high schoolers get so caught up in the idea of the college experience that they don't think critically about . . .
a)
Their high school GPA
b)
How their college choice will affect their financial future
c)
Their dream job
d)
What requirements they need to get into college
68.
Part of making a plan ______________ to involves searching for scholarships, saving, and talking with your family about what kind of financial help you'll get.
a)
Pay cash for college
b)
Live in a dorm
c)
Take out a student loan
d)
Get good grades
69.
You can fund your education by finding the right mix of __________, ________________, and ________.
a)
Cash; loans; grants
b)
Grants; scholarships; work
c)
Work; loans; cash
d)
Scholarships; trust funds; federal aid
70.
It takes the average person ____________________ to pay off their student loan debt.
a)
20 years
b)
10 years
c)
5 years
d)
2 years
71.
A two-year degree with specialized training, a flexible schedule, and lower educational costs is called a(n)____________.
a)
Community college degree
b)
Associate degree
c)
Bachelor's degree
d)
Graduate degree
72.
The first decision you need to make in order to avoid going into debt with student loans is . . .
a)
Have a savings account
b)
Take debt off the table
c)
Find a good job
d)
Create a budget
73.
The typical student loan payment is between $200 and $300 per ______.
a)
Month
b)
Day
c)
Year
d)
Semester
74.
Scholarships are a great way to fund your education because you don't have to . . .
a)
Pay them back
b)
Be a student
c)
Apply for them
d)
Write an essay
75.
Be careful what you ________, since most schools keep an eye out for good ____________.
a)
Post on social media; behavior
b)
Do for work; work ethic
c)
Say in your interview; communicators
d)
Budget for; money sense
76.
Most students don't consider that they'll end up paying far more than the original amount they borrowed on their student loans because of __________________.
a)
The debt snowball
b)
Higher income
c)
Interest rates
d)
Monthly payments
77.
A bank can help you ________ your money and keep it __________.
a)
Manage; safe
b)
Find; growing
c)
Deposit; budgeted
d)
Budget; available
78.
An easy way to avoid ending up with errors in your checking account is to simply . . .
a)
Only use cash
b)
Monitor your account at least twice a week
c)
Keep all your receipts
d)
Budget often
79.
The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration(NCUA) keep your money in the bank insured up to _____________ per account.
a)
$250
b)
$2,500
c)
$25,000
d)
$250,000
80.
A debit card, ATM access, payroll direct deposit, and checks are basic features of ________________.
a)
A money market account
b)
Online banking
c)
A savings account
d)
A checking account
81.
With certificates of deposit (CDs), you have to pay a penalty for __________________.
a)
Withdrawing your money early
b)
Depositing money into the account
c)
Creating a savings account
d)
Using an ATM
82.
It's your responsibility to know about all of the ____________ before choosing a bank.
a)
Employees who work there
b)
Branch locations
c)
Options for loans
d)
Fees and services involved
83.
You should avoid any bank service that leads to . . .
a)
Multiple checking accounts
b)
Savings
c)
Debt
d)
Gaining interest
84.
Something that all of the predatory financial services have in common is . . .
a)
They all require you to take out a loan
b)
They all require you to be a college graduate
c)
You end up losing money with all of them
d)
People can earn money with all of them
85.
As the owner of your account, managing your money is _____________ responsibility.
a)
Not your
b)
Your
c)
Your parent's
d)
The banks
86.
You need to track everything that involves money, including . . .
a)
Your clothing budget for the month
b)
Debit card purchases, third-party app transactions, and ATM withdrawals
c)
All of the sales that are currently happening
d)
The latest retail store credit card offers
87.
Insurance helps you transfer the ____________ from your bank account to the insurance company
a)
Risk
b)
Money
c)
Insurance
d)
Health
88.
It's wise to have __________ because even if you're a great driver, there are plenty of people who aren't
a)
Health insurance
b)
An SUV
c)
Liability insurance
d)
A hefty savings account
89.
Life insurance guarantees your loved ones get a certain amount of money when you ____________.
a)
Pass away
b)
Turn 18
c)
Get injured
d)
Move out of the house
90.
______________ will provide money to replace lost income for years—even up to retirement.
a)
Short-term disability
b)
Necessary insurance
c)
Identity theft protection
d)
Long-term disability
91.
Through the Affordable Care Act, you can stay on your parents' health insurance until . . .
a)
You turn 26 years old
b)
You turn 18 years old
c)
You get married
d)
You move out of the house
92.
The purpose of life insurance is to replace your ________ when you die.
a)
Legacy
b)
Health Care
c)
Income
d)
Life
93.
The amount of money the insurance company agrees to pay for an incident is called ____________.
a)
Co-pay
b)
Deductibke
c)
Claim
d)
Coverage
94.
People who rely on you financially are called your _________.
a)
Family
b)
Beneficiaries
c)
Dependents
d)
Death benefits
95.
__________ will cover you if someone steals your personal information
a)
Long-term care insurance
b)
Identity theft protection
c)
Supplemental insurance
d)
Short-term disability
96.
Getting good grades, driving safely, and driving an older car are examples of ways you can . . .
a)
Lower your auto insurance costs
b)
Avoid getting into an accident
c)
Pass your driver's ed test
d)
Raise your monthly premiums
97.
The cap on the total amount of benefits you can get from your insurance company is called ____________.
a)
The deductible
b)
A Health Savings Account
c)
The lifetime limit
d)
Your premium
98.
The tax on the purchase of goods or services is called ________________.
a)
Consumptions tax
b)
Purchase tax
c)
Income tax
d)
Goods and service tax
99.
The money you earn hourly for your time and effort at work is called your _____.
a)
Wages
b)
Salary
c)
Minimum wage
d)
Income tax
100.
Every American who earns an income must file a ____________ each year.
a)
Tax deduction
b)
Paycheck
c)
Tax extension
d)
Federal tax return
101.
When you buy clothes or check out at the grocery store, you will pay _________.
a)
With your tax credit card
b)
Sales tax
c)
Excise tax
d)
Income tax
102.
What is the main IRS form that most Americans use to file their taxes?
a)
Form 1040
b)
Form I-9
c)
Schedule C
d)
Form 1099-DIV
103.
There are two general types of taxes. Taxes on the money you ____________ and taxes on the money you ______________.
a)
Give; save
b)
Budget; don't budget
c)
Have; want
d)
Earn; spend
104.
The deadline for filing your income tax return usually falls on __________.
a)
April 15th
b)
October 13th
c)
August 15th
d)
July 4th
105.
Net income is also called your ______________.
a)
Gross income
b)
Fiscal year
c)
Discretionary spending
d)
Take-home pay
106.
You can produce _______________ by buying and selling stocks, bonds, mutual funds, and real estate.
a)
A large income
b)
Tax deductions
c)
HSAs
d)
Portfolio/investment income
107.
What is the total tax a person or business has to pay called?
a)
Tax return
b)
Income taxes
c)
Tax day
d)
Tax liability
108.
Always keep your filed taxes for at least three years in case the IRS decides to __________ your tax return.
a)
Audit
b)
Review
c)
Reject
d)
Submit
109.
It's best to develop good ____________ now instead of waiting until you're on your own to figure it all out.
a)
Money habits
b)
Diet and exercise plans
c)
Real estate investments
d)
Friendships
110.
Your rent payment should total no more than ________% of your take-home pay.
a)
50
b)
15
c)
25
d)
75
111.
You should rent until you are able to ________.
a)
Buy a home the right way
b)
Become a landlord someday
c)
Invest in stocks
d)
Buy amenities
112.
Your decision to rent or buy depends on your _______.
a)
Feelings towards renting or buying
b)
Friends' opinions
c)
Income tax
d)
Financial situation
113.
A house is an asset that typically will _______ value over time.
a)
Stay the same
b)
Decrease in
c)
Depreciate in
d)
Increase in
114.
. You need to be completely out of debt, have a fully funded emergency fund, and have saved enough cash for a down payment before you _______________.
a)
Buy a house
b)
Lease a house
c)
Rent a house
d)
Sell a house
115.
The only time it's okay to borrow money if you can't pay 100% in cash is . . .
a)
Getting a car lease
b)
For home improvement projects
c)
Buying a home (mortgage)
d)
Renting a home
116.
If you look at long-term costs, ______________ is usually the better deal.
a)
Homeownership
b)
Renting
c)
Leasing
d)
Maintaining
117.
What type of interest rate is locked in and won't change for the life of the loan?
a)
15-year
b)
Fixed-rate
c)
Equity
d)
Adjustable rate
118.
When someone spends so much of their income on the costs of homeownership that they struggle to reach their other financial goals, they are ____________.
a)
Wealthy
b)
House Poor
c)
Wise Homeowners
d)
Rent Poor
119.
Which type of loan is not secured by a government entity and usually has the best rate and term?
a)
FHA loan
b)
VA loan
c)
Family loan
d)
Conventional loan
120.
. Learning about the costs of living before you need to cover them and creating good money habits early are both examples of ___________.
a)
Taking personal responsibility
b)
Poor money management
c)
Being a consumer
d)
Wealth building
121.
After you hire a real estate agent, the next step in the process is to ____________.
a)
Close on your new home
b)
Get a home inspection
c)
Start looking at homes within your budget
d)
Make an offer on a home
122.
Diversification reduces your ________ by using a mix of investment types in your portfolio.
a)
Income
b)
Retirement funds
c)
Risk
d)
Mutual funds
123.
_______________ . is the process of figuring out how much money you'll need in retirement and creating a plan to get there.
a)
Investment banking
b)
Outrageous generosity
c)
Retirement planning
d)
Retirement accounting
124.
_____________ is the cure for _____________.
a)
Investing wisely; estate planning
b)
Love; the income gaps in our society
c)
Generosity; selfishness
d)
Selfishness; thinking of others first
125.
Investing your money earns you more money because of . . .
a)
Checking accounts
b)
Mortgage payments
c)
Compound growth
d)
Short-term savings
126.
Social Security benefits are meant to ________________ your income.
a)
Replace 40% of
b)
Tax 100% of
c)
Decrease
d)
Fully replace
127.
Live like no one else now, so later you can live and ______________ like no one else.
a)
Be selfish
b)
Word hard
c)
Hoard your resources
d)
Give
128.
Never _________________ something you don't ______________.
a)
Buy; invest in
b)
Finance; think will appreciate in value
c)
Invest in; understand
d)
Diversify; enjoy
129.
_______________ is key when it comes to compound growth.
a)
Time
b)
Money
c)
Attitude
d)
Roth IRA
130.
What does "bull and bear" reference?
a)
The stock market
b)
The real estate market
c)
Your investments
d)
Mutual funds
131.
If you're over the age of ___________, you need a will.
a)
14
b)
29
c)
18
d)
60
132.
Economics is a study of consumer____________ .
a)
Choices
b)
Availability
c)
Supply
d)
Demand
133.
Every country has a unique ___________ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff.
a)
Economic system
b)
Entrepreneuership
c)
Supply and Demand
d)
Command economy
134.
The U.S. is mostly a . . .
a)
Focused economy
b)
Free market
c)
Demand
d)
GDP
135.
A ________________ economy is built on primary industries such as fishing and farming, and it generally has very little waste and very little surplus.
a)
Market
b)
Mixed
c)
Traditional
d)
Command
136.
The buying and selling of various goods and services is called ______________.
a)
Marketplace
b)
Trade
c)
Scarcity
d)
Economic Interdependence
137.
Socialism is an example of a _____________ economy where the ________________ is/are at the center.
a)
Market; people
b)
Free; monopoly
c)
Specialized; market
d)
Command; government
138.
Wind, water, and solar energy are examples of _______________.
a)
Renewable resources
b)
Economic interdependence
c)
Nonrenewable resources
d)
Human capital
139.
The series of steps it takes to produce a product is called the . . .
a)
Chain of production
b)
Economic sectors
c)
Factors of production
d)
Market values
140.
________________ never really works for an economy because there's little innovation and no reward for starting a business, as well as an unmotivated labor force because workers are often assigned jobs.
a)
Capitalism
b)
Socialism
c)
Market Economy
d)
Monopoly
141.
_________________ doesn't/don't exist in a command economy because there are fewer options for goods and services and they're controlled by the government.
a)
Customers
b)
Reatilers
c)
Competition
d)
Goods and services
142.
___________ is an official ban on trade with a country
a)
an embargo
b)
a quota
c)
rationing
d)
tariffs
143.
.A free enterprise market economy where businesses are free to determine what goods to produce and who to sell them to is called ________________.
a)
Capitalism
b)
Socialism
c)
Mixed economy
d)
Specialization
144.
An extreme result of free-market capitalism without government regulation is referred to as . . .
a)
A monopoly
b)
Capitalism
c)
Socialism
d)
A mixed economy
145.
If the government fears there may be a shortage of something, they may choose to __________________ it.
a)
Capitalize on
b)
Quota
c)
Tariff
d)
Ration
146.
The total value of all the finished goods and services produced in a country for a specific period of time is called _________________.
a)
Inflation
b)
Deflation
c)
Standard of living
d)
Gross Domestic Product (GDP)
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