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Economics Final Review

Total questions: 127

Worksheet time: 1hrs 20mins

Name
Class
Date
1.

Who is affected by the condition of scarcity?

a)

The rich

b)

Large economies

c)

All societies

d)

Producers (ie: businesses)

2.

Why do all societies have to make decisions about how resources will be used?

a)

People are greedy

b)

There are not enough resources for those who want them

c)

Resources are too expensive for most people

d)

Because there is a huge gap between the rich and poor

3.

If all resources are being used, what would have to be produced less of if more houses are built?

a)

Cars

b)

Candy

c)

Computers

d)

Cabinets

4.

Which is NOT a question all societies have to answer due to scarce resources?

a)

When will products be produced?

b)

How will products be produced?

c)

What products will be produced?

d)

Who will gets access to the resources and the products they produce?

5.

Which is NOT a scarce resource?

a)

Labor

b)

Trees

c)

Time

d)

Candy

6.

Scarcity is defined as a limited supply of resources and...

a)

limited wants for those resources

b)

unlimited resources

c)

limited resources

d)

unlimited wants for available resources

7.

Which two products use the same scarce natural resources?

a)

Gasoline and Electricity

b)

Gasoline and plastic

c)

Apples and glass

d)

Glass and gasoline

8.

Why do we have to make production choices about available resources?

a)

Too many resources for the demand

b)

Limited wants

c)

Unlimited resources

d)

Scarcity

9.

What are all societies forced to do because of scarcity?

a)

Make production decisions

b)

Conserve resources

c)

Limit resource use

d)

Charge large amount of money for available resources

10.

What is the condition that exists when Albertson's runs out of 2% milk?

a)

Scarcity

b)

Shortage

11.
The creation of any kind of good or service is known as:
a)
Input
b)
Resources
c)
Production
d)
Entrepreneurship
12.
All of the things necessary for production are known as:
a)
Production
b)
Entrepreneurship
c)
Outputs
d)
Resources
13.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
14.
The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
15.
All natural resources that go into the production of a good or service:
a)
Capital
b)
Entrepreneurship
c)
Land
d)
Labor
16.
Anything within the production process, whether human or technological, that makes production more efficient
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
17.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
18.
Money used to re-invest in a firm and further its business objectives
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
19.
An individual's knowledge or skills that make production of a good/service more efficient
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
20.
In a competitive economy, which firms will have the most access to the factors of production (productive resources)?
a)
The firms that are most successful in meeting consumer demand
b)
The firms that are least successful in meeting consumer demand
c)
The firms that have the most production experience
d)
The firms that offer the greatest variety of goods/services
21.
Which statement is true about the circular flow diagram?
a)
A  Households are demanders in the product market and suppliers in the factor market
b)
A  Business are demanders in the product market and suppliers in the factor market.
c)
A  Households are demanders in the factor market and suppliers in the product market.
d)
 A  Businesses and households are not components of the circular flow diagram.
22.
Which arrows on this diagram would represent the transaction between Joe who rents his office to Homework Inc., a company that provides tutoring services?
a)
2,3
b)
4,7
c)
1,2
d)
5,6
23.
Arrows 4 and 7 on this circular flow diagram demonstrate
a)
prices
b)
taxes
c)
goods and services flow
d)
money flow
24.
The arrows 1 to 2 in this diagram represent which aspect of the economy?
a)
goods and services flow
b)
money flow
c)
taxes
d)
factors of production
25.
Place where buyers and sellers meet to exchange goods and services for money
a)
Market
b)
Factor of production
c)
Money
d)
Interdependent
26.
What is being represented by the "red flow line"
a)
The flow of money
b)
The flow of goods and services
c)
Taxes
d)
Productive resources
27.
What is being represented by the "green flow lines"
a)
Flow of Money
b)
Flow of Goods and Services
c)
Taxes
d)
law
28.
In the circular flow model, what do individuals sell to the factor market
a)
Services
b)
Money
c)
Productive Resources
d)
goods
29.
The circular flow model of a market economy shows
a)
how profits are made
b)
what inputs are required for what outputs
c)
how many firms can support the needs of how many households
d)
the interactions between households and  firms in the free market
30.
What do businesses provide for consumers according to the circular flow model?
a)
goods and services
b)
only goods
c)
only services
d)
taxes
31.

Goods and services are sold in the ___ market

a)

Factor

b)

Product

c)

Illegal

d)

Black

32.
Steel Beam Inc. is looking to purchase a new steel-processing machine and factory. In the circular flow diagram, this transaction will take place in the
a)
Product market.
b)
Resource market
c)
Foreign Exchange market
d)
Public market
33.
The opportunity cost of increasing production from 7 to 9 trucks is
a)
Scarcity
b)
2 boats
c)
2 trucks
d)
3 boats
34.
The opportunity cost of increasing production from 4 to 7 boats is
a)
1 boat
b)
2 boats
c)
2 trucks
d)
3 trucks
35.
If a natural disaster strikes, the production possibilities curve can shift
a)
No shift
b)
To the left
c)
To the right
d)
Outward on one axis only
36.
What can cause a production possibilities curve to move to the right?
a)
thousands of people move out of the country
b)
an epidemic kills thousands of young men and women
c)
a new invention lowers the cost of production
d)
the population is growing increasingly old
37.
What is the production possibilities curve?
a)
a graph that shows how much an economy can produce between 2 goods
b)
how much money something is
c)
the opportunity one has to give up in order to gain something else
d)
land, labor, capital, entrepreneurs
38.
What does point Y represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
39.

If there is improved technique of Production in both the goods , how will the PPC be affected?

a)

Leftward shift of PPC

b)

Rightward shift of PPC

c)

Rotation of PPC

d)

None of the above

40.
What is opportunity cost?
a)
a graph that shows how much an economy can produce between 2 goods
b)
how much money something is
c)
the opportunity one has to give up in order to gain something else
d)
land, labor, capital, entrepreneurs
41.
The production possibilities curve is an illustration of what?
a)
Opportunity costs and trade-offs
b)
Only opportunity costs
c)
Only trade-offs
d)
none of the above
42.
An incentive is:
a)
the option to select or make a decision when faced with two or more possibilities
b)
a conclusion or resolution reached after consideration
c)
a circumstance that contributes to a result or outcome
d)
a benefit or cost that influences a person's decision
43.

In which economic system is the protection of private property rights essential?

a)

Command

b)

Traditional

c)

Market

d)

Socialism

44.

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

a)

Command

b)

Socialism

c)

Market

d)

Traditional

45.

Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.

a)

Traditional to mixed

b)

Command to traditional

c)

Market to mixed

d)

Command to mixed

46.

Which of the following best explains a mixed economy?

a)

Private ownership of the factors of production and regulation of businesses by government

b)

Market exchanges answer all three of the big economic questions

c)

Family customs and traditions determine what and how to produce a good

d)

Government answers all three of the big economic questions

47.

_____________ are a positive incentive for entrepreneurs to start a business despite the risks.

a)

Pride

b)

Wealth

c)

Profits

d)

Being an employer

48.

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

a)

Mixed

b)

Market

c)

Traditional

d)

Command

49.

For markets to work efficiently, _________________ need to be well defined and enforced by law, otherwise trade would break down.

a)

competition

b)

private property rights

c)

voluntary exchange

d)

consumer soverignty

50.
Place where buyers and sellers meet to exchange goods and services for money
a)
Market
b)
Factor of production
c)
Money
d)
Interdependent
51.
In the products market,
a)
firms buy goods and services from households
b)
firms sell goods and services to households
c)
firms sell resources to households
d)
firms buy resources from households
52.

What does government provide with the revenue it takes in from taxes?

a)

Headaches

b)

Public goods and services

c)

More Congressmen

d)

Greater control of the media

53.

The desire to have some good or service and the ability to pay for it

a)

supply

b)

equilibrium

c)

demand

d)

quantity demanded

54.

Which of these best describes the law of demand?

a)

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

b)

if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

c)

there is no law of demand, each situation is unique and demand and prices cannot be predicted

d)

prices will go up for certain goods when quantity demanded goes up and vice versa

55.

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

a)

the demand curve

b)

change in quantity demanded

c)

change in demand

d)

elasticity

56.

The quantity demanded of a good or service changes at all price levels best describes the concept of

a)

change in quantity demanded

b)

elasticity

c)

change in demand

d)

demand curve

57.

Elasticity refers to

a)

how producers of goods and services react to price changes

b)

how consumers of goods and services react to price changes

c)

how far a supply of scarce goods can be stretched

d)

how often the price of a good or service changes when quantity demanded changes

58.

Which of these demonstrates elastic demand?

a)

a sharp increase in the price of milk causes a large drop in the quantity demanded for milk

b)

the price of homes steadily increase but the quantity demanded for homes does not change

c)

car dealerships cut prices to clear out previous year models and consumers rush to dealerships to take advantage of the sales

d)

gas prices increase in the summer as more people want to go on road trips but the increases do not deter people from buying less gas

59.

Which of these demonstrates inelastic demand? (multiple answers)

a)

a cold snap destroys an apple crop causing prices to jump, however, people still buy apples and quantity demanded does not change

b)

Super Bowl tickets hit record high prices but are still sold out in a matter of minutes and starting going for even higher prices on resale sites

c)

concert tickets are not selling well, so the venue drops prices by 80%; the tickets sell out shortly thereafter

d)

a restaurant starts charging a $10 delivery fee, delivery orders drop by 50% in the first month

60.

Which of these shows a decrease in the quantity demanded?

a)
b)
c)
d)
61.

Which of these shows an increase in the quantity demanded?

a)
b)
c)
d)
62.

Which of these demonstrates inelastic demand?

a)
b)
c)
d)
63.

When producers offer more of a good as its price increases and less as its price falls, this defines the

a)

law of demand

b)

law of supply

c)

change in demand

d)

change in supply

64.

The willingness and ability of a producer to make a product is referred to as

a)

quantity supplied

b)

quantity demanded

c)

supply

d)

demand

65.

Movement along a supply curve demonstrates

a)

a change in quantity supplied

b)

a change in quantity demanded

c)

a change in supply

d)

a change in demand

66.

A shift in a supply curve demonstrates

a)

a change in quantity supplied

b)

a change in quantity demanded

c)

a change in supply

d)

a change in demand

67.

Which of these demonstrates an example of a supply curve? (More than one answer)

a)
b)
c)
d)
68.

Which of the following supply curves demonstrates a decrease in the quantity supplied?

a)
b)
c)
d)
69.

A decrease in supply is demonstrated by which of the following?

a)
b)
c)
d)
70.

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

a)
b)
c)
d)
71.

The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?

a)
b)
c)
d)
72.

A popular musical act announces a concert at a 10,000 seat venue. Prices for tickets skyrocket so the venue announces that there will be 500 standing room only tickets offered. What concept does this demonstrate?

a)

elastic supply

b)

inelastic supply

c)

change in supply

d)

change in quantity supplied

73.
I manufacture the world's best cupcakes! I just heard a storm wiped out a lot of the sugar cane crop. Now there's going to be less sugar to meet everyone's demands! Will prices go...
a)
UP
b)
DOWN
74.
I make radios. I just  installed a new, hi-tech machine that lets me make twice as many radios for half the price! Will prices go...
a)
UP
b)
DOWN
75.
I own an oil refinery. Summer  is coming, and people are going to be driving everywhere. They're going to need LOTS of gasoline.  Will prices go...
a)
UP
b)
DOWN
76.
I sell landscape rocks. I just ordered TONS, but a new gardening show has got everyone decorating with gnomes instead. What am I going to do with all these rocks??  Will prices go...
a)
UP
b)
DOWN
77.
I just invented the world's first self-folding chair! It folds itself up and puts itself away. Nobody else makes anything like it!  Will prices go...
a)
UP
b)
DOWN
78.
Self-folding chairs are so popular, I decided to make some, too. I can produce 9,000 self­-folding chairs a day and distribute them to all the major stores.  Will prices go...
a)
UP
b)
DOWN
79.

Which area is NOT part of GDP:

a)

Consumer sector

b)

Business Sector

c)

Government Sector

d)

Private Sector

80.

A Japanese car company makes a new sedan in Kentucky. Which country's GDP is this added to?

a)

U.S.

b)

Japan

c)

U.S. and Japan

d)

China

e)

no answer

81.

what does GDP stand for:

(a)  

82.

Which of the following is NOT part of GDP:

a)

a new car that is sold

b)

a teacher working in the classroom

c)

a used TV on Craigslist

d)

no answer

83.

Which of the following are NOT in GDP:

a)

Secondhand Sales

b)

Retail Service

c)

Intermediate Goods

d)

Illegal Products

e)

all

84.

Which of the following can NOT be used to evaluate inflation?

a)

PPI

b)

CPI

c)

GNP

d)

GDP Deflator

85.

A new iPhone is made in China. What country's GNP does this count for?

a)

China

b)

U.S.

c)

U.S. and China

d)

Japan

86.

What can be used to measure standard of living?

a)

GDP

b)

GNP

c)

CPI

d)

PPI

e)

GDP per capita

87.

What does GNP stand for?

(a)  

88.

Most countries try to maintain an inflation rate of ______ per year.

a)

One percent or less

b)

Two to three percent

c)

Four to five percent

d)

Six to seven percent

89.

Which of the following types of inflation interferes with a company’s ability to plan for the future?

a)

Expected inflation

b)

Unexpected inflation

c)

Creeping inflation

d)

Galloping inflation

90.

Which of the following terms is also known as total output?

a)

Price index

b)

Price level

c)

Aggregate demand

d)

Aggregate supply

91.

The _______ considers the weighted averages of a group of consumer goods and services.

a)

Consumer price index

b)

Aggregate supply

c)

Producer price index

d)

Aggregate demand

92.

_________ is a decrease in the rate of inflation.

a)

Hyperinflation

b)

Disinflation

c)

Deflation

d)

Stagflation

93.

__________ refers to a decrease in price level.

a)

Hyperinflation

b)

Disinflaation

c)

Deflation

d)

Stagflation

94.

__________ occurs in the economy when unemployment and inflation are both high.

a)

Hyperinflation

b)

Disinflation

c)

Deflation

d)

Stagflation

95.

Which of the following explains the relations between the average price of aggregate supply and the quantity demanded?

a)

Aggregate demand

b)

Price level

c)

Producer price index

d)

Consumer price index

96.

Which of the following is NOT one of the components of Gross Domestic Product (GDP)?

a)

Consumption

b)

Producer Price Index

c)

Government spending

d)

Investment

97.

Which of the followings is NOT one of the forms of inflation?

a)

Hyperinflation

b)

Disinflation

c)

Stagflation

d)

Pre-inflation

98.

Which of the following types of inflation occurs when sales drop and retailers cannot place higher prices on customers?

a)

Deflation

b)

Disinflation

c)

Hyperinflation

d)

Pre-inflation

99.

Which of the following causes of inflation is often described as “too much money chasing too few goods”?

a)

Demand-pull inflation

b)

Cost-push inflation

c)

Demand-push inflation

d)

Cost-pull inflation

100.

Which of the following types of inflation involves the government using financial stimuli to increase the country’s output?

a)

Deflation

b)

Disinflation

c)

Reflation

d)

Hyperinflation

101.

Which of the following interest rates is expressed in terms of current dollars as the percentage of the amount loaned?

a)

Simple interest rate

b)

Nominal interest rate

c)

Real interest rate

d)

Compound interest rate

102.

Which of the following is NOT one of the constants the aggregate supply curve assumes?

a)

State of technology

b)

Resource prices

c)

Rules providing production incentives

d)

Rate of production

103.

An unemployment rate of 3% - 5%.

a)

full employment

b)

unemployment rate

c)

labor force

d)

underemployed

104.

This reflects those who are actively seeking employment.

a)

full employment

b)

unemployment rate

c)

labor force

d)

underemployed

105.

This reflects those who are actively seeking employment AND those who are currently employed.

a)

full employment

b)

unemployment rate

c)

labor force

d)

underemployed

106.

You will always have this because people will always want to change jobs.

a)

frictional unemployment

b)

seasonal unemployment

c)

cyclical unemployment

d)

structural unemployment

107.

Prior to the pandemic, we had over 5,000 open jobs in Broome County but not the skilled people to fill them. This is an example of

a)

frictional unemployment

b)

seasonal unemployment

c)

cyclical unemployment

d)

structural unemployment

108.

Santa's helpers in July would represent

a)

frictional unemployment

b)

seasonal unemployment

c)

cyclical unemployment

d)

structural unemployment

109.

You have the least amount of control over this since it is based on the ups and downs of the business cycle.

a)

frictional unemployment

b)

seasonal unemployment

c)

cyclical unemployment

d)

structural unemployment

110.

As an outdoor lifeguard, you don't have control over your end date, but you expect it and can plan for it.

a)

frictional unemployment

b)

seasonal unemployment

c)

cyclical unemployment

d)

structural unemployment

111.

If Mrs. Murat left her job to go back to college to get her administration degree.

a)

frictional unemployment

b)

seasonal unemployment

c)

cyclical unemployment

d)

structural unemployment

112.

According to the data we looked at this week, which sector was hit hardest during the pandemic?

a)

Education

b)

Leisure and Hospitality

c)

Health Care and Social Assistance

d)

Construction

113.

a U.S. congresswoman proposes a tax code revision that taxes large estates more than smaller estates

a)

Progressive

b)

Regressive

c)

Proportional

114.

a U.S. senator proposes that a flat tax take the place of the graduated income tax

a)

Progressive

b)

Regressive

c)

Proportional

115.

a U.S. congressman puts forward an amendment to a tax bill that would give poor families a tax credit based on their income, with those earning the lowest income getting the highest tax credit

a)

Progressive

b)

Regressive

c)

Proportional

116.

a state raises the sales tax on all sales of clothing

a)

Progressive

b)

Regressive

c)

Proportional

117.

the Senate passes a bill that all earned income is subject to FICA taxes (Social Security, Medicare)

a)

Progressive

b)

Regressive

c)

Proportional

118.

a vegetarian state legislator proposes a uniform tax on sales of meat

a)

Progressive

b)

Regressive

c)

Proportional

119.

a U.S. senator introduces a bill to raise the tax on capital gains (profits on sales of stock)

a)

Progressive

b)

Regressive

c)

Proportional

120.

the federal government increases the entrance fees to all national parks

a)

Progressive

b)

Regressive

c)

Proportional

121.
What means the government has spent more than it has raised
a)
revenue
b)
surplus
c)
defecit
d)
appropriations
122.
What is it called when the government takes in more in revenue than it appropriates?
a)
surplus
b)
revenue
c)
defecit
d)
appropriations
123.
Who proproses the National budget
a)
Congress
b)
President
c)
Justices
124.
Which branch appropriates funds?
a)
Executive
b)
Legislative
c)
Judicial
d)
all three
125.
What we call the planned earning and spending for the nation
a)
Federal Budget
b)
Discretionary Spending
c)
Tax Plan
126.
Where does the budget process start 
a)
The people have an idea 
b)
The president submits a request to the Congress 
c)
The supreme court has an idea 
127.
______ is when the governments expenditures and revenues are equal.
a)
Surplus 
b)
Balanced Budget 
c)
Deficit 

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