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Economics Final

Total questions: 80

Worksheet time: 57mins

Name
Class
Date
1.

Define "incentive."

a)

The cost of producing a good or service

b)

The fact that human wants are unlimited but resources are limited

c)

Something that motivates someone to do or not do something

d)

The price charged for a good or service

2.

In economics, "scarcity" is best defined as the idea that ________.

a)

people respond to incentives

b)

human wants are greater than available resources

c)

a higher price decreases the quantity demanded

d)

supply and demand determine equilibrium prices

e)

opportunity costs are less than monetary costs

3.

Because of the problem of scarcity, ______________.

a)

supply equals demand

b)

prices are above equilibrium

c)

socialism is superior to capitalism

d)

people must make choices about how to use their resources

e)

the government must impose high taxes on the citizenry

4.

"Opportunity cost" is best defined as _____________.

a)

the value of the the second-best alternative that is given up when one alternative is chosen

b)

the cost of investing in a business opportunity

c)

the cost of producing a particular good or service

d)

the money that must be paid to do something

5.

The decision to do one thing instead of another is a trade off.

a)

True

b)

False

6.

The US has which type of economic system?

a)

Command

b)

Capitalist

c)

Mixed

d)

Traditional

7.

Communist countries or countries with dictators often have mainly which type of economic system?

a)

Command

b)

Capitalist

c)

Mixed

d)

Traditional

8.

Capitalist/Market economies can lead to a wide gap between the poor and wealthy.

a)

True

b)

False

9.

The Circular Flow model of economies connects...

a)

Command, Market, and Traditional Economies

b)

Supply, Demand, and Competition

c)

Households, Businesses, and Government

d)

Trade Offs, Opportunity Costs, and Scarcity

10.

____ is the struggle between buyers and sellers to get the best products at the lowest prices.

a)

Competition

b)

Productivity

c)

Free enterprise

d)

Economic freedom

11.

This means that the government should not interfere in the marketplace.

a)

Laissez Faire

b)

Capitalism

c)

Communism

d)

Socialism

12.

The study of the national economy as a whole is

4 lines
13.

The study of individuals and businesses is

4 lines
14.

A monopoly is when:

a)

One seller/business dominates an industry.

b)

A few sellers/businesses dominate an industry.

c)

Supply exceeds demand.

d)

A business offers special gifts and coupons.

15.

Why are monopolies usually illegal in the US?

a)

They deprive the consumer of choices.

b)

They force the consumer to pay high prices.

c)

They make it difficult for new companies to enter the market.

d)

All of the above.

16.

In an oligopoly...

a)

One seller dominates the market

b)

A few sellers dominate the market

c)

Many sellers are in the market

d)

No sellers exist in the market

17.
Companies who control all the different phases of the business to control profits & maximize efficiency use the method called
a)
Horizontal Integration
b)
Vertical Integration
c)
Big Business Model
d)
Maximum Profit Idea
18.
Companies who specialize in one area of business use the method of organization called
a)
Horizontal Integration
b)
Vertical Integration
c)
Bug Business Model
d)
Maximum Profit Idea
19.

What are the resources called that are needed to produce a good or service?

a)

Goods and services.

b)

Needs and wants.

c)

Factors of production.

d)

All of the above.

20.

How many factors of production are needed to produce a good or service?

a)

2

b)

4

c)

6

d)

8

21.

Which one of the four factors of production does the image show?

a)

Entrepreneur

b)

Capital

c)

Natural Resources

d)

Labor

22.

Which one of the four factors of production does the picture show?

a)

Natural Resources

b)

Labor

c)

Capital

d)

Entrepreneur

23.

Which one of the four factors of production does the picture show?

a)

Labor

b)

Natural Resources

c)

Capital

d)

Entrepreneur

24.
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
25.
Efficiency is producing the maximum possible output from available resources
a)
True
b)
False
26.
What does point Y represent on the PPC?
a)
Efficiency
b)
Unattainable / impossible
c)
Inefficency
d)
Nothing
27.
Which point represents "resources are not being used efficiently, or resources are being wasted or idle"?
a)
Point A
b)
Point Y
c)
Point X
d)
All of the above
28.
Suppose that a new machine that speeds up automotive production is introduced into the auto industry. This would cause the PPF to
a)
Shift outward
b)
Shift inward
c)
Do nothing
d)
Not enough information is provided
29.

Which statement describes the law of demand?

a)

As prices rise, quantity demanded decreases

b)

As prices rise, demand decreases.

c)

As prices fall, quantity demanded decreases.

d)

As prices fall, demand decreases.

30.

The market equilibrium price is the price at which

a)

surpluses depress the number of goods supplied

b)

shortages and surpluses will have no effect on the market

c)

the government will not intervene in the market

d)

the quantity demanded is the same as the quantity supplied

31.

What determines the prices of goods and services?

a)

Supply

b)

Demand

c)

Supply and demand

d)

Goods

32.

What exists when quantity supplied is greater than quantity demanded?

a)

Surplus

b)

Shortage

c)

Overflow

d)

Mass outrage

33.

What happens to price when the market has a surplus

a)

price drops

b)

price stays the same

c)

price increases

d)

price triples

34.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
35.

In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly

a)

elastic

b)

inelastic

36.

When the price on Dasani bottle water decreased, Brad quit buying Nestle bottled water and switched over to Dasani. Brad's demand for Nestle water is fairly

a)

inelastic

b)

elastic

37.

Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 

a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
38.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
39.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
40.

What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?

a)

The price will increase

b)

The price will decarese

41.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
42.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
43.

This curve demonstrates what idea?

a)

As price increases, quantity demanded goes up

b)

As price decreases, quantity supplied goes up

c)

As price increases, quantity supplied goes up

d)

As price decreases, quantity demanded goes down

44.

This curve demonstrates what idea?

a)

As price increases, quantity demanded goes up

b)

As price decreases, quantity supplied goes up

c)

As price increases, quantity supplied goes up

d)

As price decreases, quantity demanded goes up

45.

This graph represents...?

a)

Changes in quantity demanded

b)

Changes in quantity supplied

c)

Changes in demand

d)

Changes in supply

46.

This graph represents...?

a)

Changes in quantity demanded

b)

Changes in quantity supplied

c)

Changes in demand

d)

Changes in supply

47.

The total value of all final goods and services produced in a country in a given year.

a)

Gross Domestic Product

b)

Consumer Price Index

c)

Inflation

d)

Unemployment

48.

The percentage of a nation's labor force that is unemployed.

a)

Gross Domestic Product

b)

Inflation

c)

Unemployment Rate

d)

Consumer Price Index

49.

The use of government spending and revenue collection to influence the economy.

a)

Monetary Policy

b)

Fiscal Policy

c)

Congressional Policy

d)

Executive Policy

50.

It is the study of the nations economy as a whole.

a)

Microeconomics

b)

National economy

c)

National output

d)

Macroeconomics

51.

Which term describes the phases of expansion and contraction in an economy over time?

a)

Recessions

b)

Prosperity

c)

Total product oscillations

d)

Business Cycle

52.

Who controls fiscal policy?

a)

The Federal Reserve

b)

The Federal Government

c)

The FBI

d)

Federal Income Tax

53.

The two "tools" of Fiscal Policy are:

a)

the power to tax

b)

the power to spend

c)

the power to borrow money

d)

the power to print money

54.
Taxing & spending to help the economy grow is referred to as
a)
expansionary policy
b)
monetary policy
c)
contractionary policy
d)
budget deficit
55.
Taxing & spending to slow the economy is referred to as 
a)
budget surplus 
b)
monetary policy
c)
contractionary policy
d)
budget deficit
56.

"The Fed refers to the Federal Reserve System, the Central Bank of the United States. The FOMC is the Federal Open Market Committee, the group responsible for implementing monetary policy."

a)

Fiscal policy

b)

Monetary policy

57.

"In February, lawmakers set themselves up to reach a more permanent spending agreement by the end of March. Congress agreed to increases to domestic and defense spending over the next two years, raising funding for domestic programs by $128 billion and hiking defense budgets by $160 billion. But they didn’t actually decide where the money would go."

a)

Fiscal policy

b)

Monetary policy

58.

"The U.S. Federal Reserve is almost certain to hike interest rates Wednesday to the highest level in a decade: 1.5 to 1.75 percent. "

a)

Fiscal policy

b)

Monetary policy

59.

Monetary policy decisions are decided by:

a)

Congress

b)

Senate

c)

The Fed

d)

President

60.

This type of inflation occurs when an increase in the in production costs are passed on to the consumer.

a)

Supply Inflation

b)

Cost Push Inflation

c)

Imported Inflation

d)

Demand Pull Inflation

61.

This type of inflation occurs when the demand for products is greater that the supply of products.

a)

Cost push inflation

b)

Demand pull inflation

c)

Divisional inflation

d)

Structural inflation

62.
When inflation is high the _______________of the dollar decreases
a)
cost value
b)
purchasing power
c)
importance
d)
validity
63.

Your credit score determines how successful you will be in obtaining a loan

a)

True

b)

False

64.

What is the most important factor of a credit score?

a)

Types of credit

b)

Payment History

c)

Amount of debt

d)

Inquires

65.

A high credit score means you will have the highest interest rates when applying for a loan

a)

True

b)

False

66.
Bank of America issues you a credit card with a maximum balance of $1,000.  This is an example of:
a)
Finance Charge
b)
Co-Signer
c)
Minimum Payment
d)
Credit Limit
67.

How can a cardholder avoid paying interest on a credit card?

a)

Do not pay anything

b)

Pay the minimum payment after its due date

c)

Pay the balance in full every month

d)

Pay the minimum balance every month

68.

Each purchase is a loan that is repaid later. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

69.

Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What type of card is this?

a)

Credit Card

b)

Debit Card

c)

Credit Card & Debit Card

70.
What is the stock market?
a)
A type of farmers market where people buy and sell food.
b)
A place where parts of businesses are bought and sold.
c)
A special type of grocery store that sells stocks.
d)
A type of bank that gives out loans to new businesses.
71.
The name for a part of a business that is bought and sold on the stock market is:
a)
Part
b)
Marker
c)
Stocker
d)
Share
72.
You can buy stock in any company in the world.
a)
True, all companies are required to offer stock.
b)
False, a company is only listed on the stock exchange if it wants to be.
73.
As long as you are 18 years old and have some money, you can invest it in the stock market.
a)
True
b)
False
74.
Apple is releasing a new iPhone that is predicted to change the cell phone world.  Millions of people have pre-ordered it.  What do you think will happen to their stock?
a)
It is likely to go up.
b)
It is likely to go down.
75.
You decide that you want to invest a little bit of money in Apple stock.  But in order to do that you need to figure out their stock symbol.  What is the symbol that Apple uses on the stock market?  Use the image to help you figure it out.
a)
AAPL
b)
APPLE
c)
IPHONE
d)
STEVEJOBS
76.
The amount of money you have to pay out of your own pocket before the insurance pays is called the _____________
a)
Premium
b)
Estimate
c)
Deductible
d)
Co-Pay
77.
The amount you pay for an insurance policy.
a)
Rider
b)
Premium
c)
Deductible
d)
Co-Pay
78.

What is the amount of money you make before taxes and deductions?

a)

net income

b)

gross income

c)

commission

d)

pay stub

79.

What is the amount of money you make AFTER taxes and deductions?

a)

gross pay

b)

pay stub

c)

net pay

d)

salary

80.

The tax bracket that your highest dollar of income falls into, and therefore the highest tax rate you pay

a)

Marginal Tax Rate

b)

Progressive Tax rate

c)

Flat Tax Rate

d)

Regressive Tax Rate

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