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Final Revision

Total questions: 60

Worksheet time: 2hrs 30mins

Name
Class
Date
1.
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
2.
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
3.
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
4.
The opportunity cost of increasing production from 7 to 9 trucks is
a)
Scarcity
b)
2 boats
c)
2 trucks
d)
3 boats
5.
The diagram shows the production possibilities curve for Country Y. Which of the following statements is true?
a)
If Country Y is producing at point C, it is using all its resources efficiently
b)
The opportunity cost of producing more machines is constant
c)
Country Y cannot produce at point E
d)
The most efficient point of production is point D
6.
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
7.
Improvements in technology for producing all goods must result in:
a)
An inward shift in the production possibilities curve 
b)
A flatter production possibilities curve 
c)
An outward shift in the production possibilities curve 
d)
A steeper production possibilities curve 
8.
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
9.
What does point Y represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
10.
SSEF1(d) The opportunity cost of shifting production from "Point E" to "Point C" would be:
a)
30 cans of cola
b)
30 chocolate bars
c)
70 cans of soda
d)
20 chocolate bars
11.
Which phrase could be used to describe a PPC shifting outward?
a)
Resources wasted or idle
b)
Economic Growth
c)
Inefficient use of resources
d)
A decrease in demand for a product
12.
Opportunity Cost is best defined as
a)
the value of the next best alternative that is given up due to the choice you made 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
13.
What is the most basic problem of economics?
a)
Scarcity
b)
Allocation
c)
Productivity
d)
Specialization
14.
The government has little to no role in the production of goods in this type of economy. 
a)
Traditional 
b)
Mixed
c)
Command 
d)
Market
15.

A _____________ economy is completely determined and controlled by a central planning authority or the government

a)

Traditional

b)

Planned/Command

c)

Mixed

d)

Free Market

16.
What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
17.

A _________ economy is a market-based system in which the government is involved to some extent.

a)

Traditional

b)

Planned/command

c)

Mixed

d)

Free Market

18.
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
a)
Traditional 
b)
Command 
c)
Market
d)
Mixed
19.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
20.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
21.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
22.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
23.
Who or what answers the basic economic questions in a free market economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
24.
This is where people believe in doing things the same as they have always been done.
a)
market economy
b)
traditional economy
c)
mixed economy
d)
socialist economy
25.
This type of economy is run by a central government or authority.  Examples are:  China, Cuba, France, Sweden
a)
Command
b)
Market
c)
Traditional
d)
Socialist
26.
Demand can be best defined as
a)
an individuals need or desire for a good or service at a given price.
b)
how much of a good or service is being produced.
27.
As prices fall for a particular good or service, the demand for that item will increase & vice-versa.
a)
Law of Supply
b)
Law of Demand
c)
Law of the Land
d)
Law of Economics
28.

Select all that apply. The law of supply states that__________.

a)

as price increases, quantity supplied increases

b)

As prices decrease, supply increases

c)

As supply increases, demand decreases

d)

As price decreases, quantity supplied decreases

29.

Select graph(s) demonstrating a movement along the supply curve.

a)
b)
c)
30.

Demand means

a)

the amount of a good or service that consumers are willing to buy.

b)

is the amount of a good or service produced.

c)

is the price that is demanded by consumers.

d)

None of the above.

31.

What does the law of demand say

a)

consumers will buy less of something when price goes down.

b)

consumers will buy more of something when price increases.

c)

consumers will buy more of something when prices go down.

d)

None of the above.

32.

If the price of printers goes down, what happens in the market for ink cartridges?

a)

Supply increases.

b)

Supply decreases.

c)

Demand increases.

d)

Demand decreases

33.
The price of petrol/gas is expected to increase next week. Then today the demand for petrol/gas will
a)
increase
b)
decrease
34.
In a market economy, who decides on the prices of goods and services?
a)
government
b)
buyers and sellers
c)
firms
d)
local leaders
35.

If Mary used to buy 10 units at $4 each and now buys 15 units when the price is $3, her

a)

quantity demanded has increased

b)

quantity demanded has decreased

c)

supply has increased

d)

supply has decreased

36.

Which of the following would cause the demand curve to

shift to the left?

a)

the average annual income increases

b)

government corporate taxes increase

c)

consumers begin to like the product

d)

price of a complementary good increases

37.

If price of tea decreases, what is the affect on the demand for coffee?

a)

the demand for tea is not affected

b)

the demand for coffee decreases

c)

the demand for tea decreases

d)

the demand for coffee increases

38.

Which of the following would cause the demand curve to

shift to the right?

a)

a popular toys loses appeal

b)

Suppliers expect higher prices in the future

c)

price of a substitute good decreases

d)

the average annual income increases

39.

Which of the following would cause the demand curve to

shift to the left?

a)

price of a substitution good decreases

b)

huge population increase

c)

new government regulations

d)

consumers begin to like the product

40.

An decrease in quantity Demanded is located by moving from point ________ to point_________

a)

Moving from A to B

b)

Moving from A to C

c)

Moving from C to A

d)

Moving from B to A

41.
The Hong Kong government reduced income tax by 10%. The demand for shoes will 
a)
increase
b)
decrease
42.
A recent scandal in which 1 million fake Chanel hand bags have been discovered. There is in an increase in Louis Vuitton hand bags because
a)
price of a complement
b)
price of a substitute
c)
tastes and preferences
d)
income
43.
If the price of Frozen Yogurt increased then the demand for ice cream will 
a)
increase
b)
decrease
44.
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in
a)
market size
b)
price of a substitute good
c)
price of a complementary good
d)
tastes and preferences 
45.

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

46.

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

47.

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

48.

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

a)
b)
c)
d)
49.

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

a)
b)
c)
d)
50.

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

a)
b)
c)
d)
51.

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

a)
b)
c)
d)
52.
Which way does a supply curve slope?
a)
down
b)
up
c)
both
d)
neither
53.

Which of the following leads to an decrease in supply?

a)

an increase in the cost of raw materials

b)

diminishing marginal returns

c)

a decrease in the cost of raw materials

d)

a change in the law of supply

54.

What affect do excise taxes on production usually have on the supply curve?

a)

decreases supply, supply curve shifts left

b)

increases supply, supply curve shifts left

c)

decreases supply, supply curve shifts right

d)

increases supply, supply curve shifts right

55.

Which of the following leads to an increase in supply?

a)

Gallery Furniture will raise prices on all wood furniture

b)

six new companies begin producing smart phones

c)

price of a complementary good goes down

d)

increased cyclical employment

56.

Which of the following is an example of inelastic demand?

a)

Jason wants the most expensive cellphone. He decides to get a cheaper model.

b)

Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.

c)

Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less.

d)

Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.

57.

Which of the following two goods is more likely to be inelastically demanded?

a)

Demand for insulin

b)

Demand for vitamins

58.
The formula for calculating elasticity of demand is:
a)
The % change in price over the % change in quantity demanded
b)
The % change in quantity demanded over the % change in price
c)
The change in price over the change in quantity demaned
d)
The change in quantity demanded over the change in price
59.

What does it mean?

Ed > 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

60.
Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
a)
0
b)
1
c)
6
d)
36

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