WorksheetsEconomics Final Exam Reveiw
Total questions: 23
Worksheet time: 14mins
Market
Traditional
Command
Mixed
Which type of economy has central ownership, the government, and lack of individual choice?
Market
Mixed
Command
Traditional
This means that the government should not interfere in the marketplace.
Laissez Faire
Capitalism
Communism
Socialism
Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.
subsistence
specialization
scarcity
bartering
Opportunity Cost
Scarcity
Incentive
Choice
Which of the following is an example of allowing sunk costs to impact your decision?
Not selling a baseball card that you think is worth more because you own it
Continuing to watch a movie that you don’t like because you paid to see it
Selling a stock because you see the price drop and want to avoid losses
Buying a new phone because you see all of your friends have that it
A form of business organization with two or more owners who share the risks and the profits
proprietorship
partnership
corporation
entrepreneur
A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment
proprietorship
partnership
corporation
entrepreneur
A person who takes a risk to produce and sell goods and services in search of profit
proprietorship
partnership
corporation
entrepreneur
Which of these describes substitution:
You take a job at Burger King, even with your college degree
The price of Dunkin goes up, you get your coffee at Fastrac
You buy a new controller with your New PS5
The Post Standard lays off three reporters because no one is buying newspapers anymore
How are milk and cereal complements?
You usually buy milk and cereal together
They are eaten together
You get complements based on your choices of each
Cereal is expensive but Milk is not
Which point on the curve is an efficient use of resources?
F
D
E
A
What is the opportunity cost of moving from point A to point B?
50 of good X
35 of Good Y
50 of Good X and 35 of Good Y
What ever is given up by point B
Which person is using the Law of Diminishing Marginal Utility
Justin already owns 2 pairs of golf shoes, so he does not buy a third
Joe rips his golf glove on hole #11 - Pat offers to sell him his for $40
Meg has to decide between playin golf at 7:00am or sleeping in on a Saturday
Scott buys a Pepsi to wash down his hot dog after 9 holes of golf.
What is an advantage of a partnership?
double taxation
owners have disagreements
they are hard to start
limited liability
Which factor MOST influences wages:
consumer reviews
Training and Experience
Location or Geography
Effort
What is the BEST way to increase your credit score
pay your bills on time
take out multiple loans
change jobs frequently
Which of the following is a problem with Pure Command Economies
businesses are only motivated by profit
there is no currency
the system offers more innovation
there is little freedom of choice for consumers
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