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Worksheets1st Semester FINAL EXAM Review
Total questions: 87
Worksheet time: 2hrs 11mins
Traditional
What type of economy do you live in?
What type of trade barrier is this?
Who is the Head of Government (executive) in Russia?
Prime Minister
Dictator
President
Monarch
Which democracy allows the citizens to elect both the nation’s legislators and its chief executive/head of government?
parlimentary
presidential
Which government is being described in Circle B
Parliamentary Democracy
Presidential Democracy
Dictator
Monarch
In an autocratic system of government who holds all of the power?
Citizens
Parliament
Chief Executive
A single ruler
What type of economic system do most European countries have?
Mixed, mostly Command
Mixed, mostly Communist
Mixed, mostly Market
Mixed, mostly Traditional
Which European country listed is the least free?
Russia
Germay
United Kingdom
How do entrepreneurs increase a country's GDP?
Investing in human capital by building schools
Exporting products into the global market
Create jobs by opening new businesses
By dividing the GDP by the population
How do countries solve the problem of scarcity?
Engage in trade to purchase what they do not have
Impose tariffs to protect their country's workers
Invest in capital goods to increase production
Move closer to free market on the economic continuum
A business owner wants to increase the efficiency and productivity of their workers. Which of the following would be an investment in their capital goods?
Replacing old machines with new ones
Sending their workers to additional training
Starting a new business
Clearing a field to expand their farmland
The country of Dunce wants to increase their GDP. Their literacy rate is currently 78%. Which of the following would BEST increase their GDP?
Offer jobs for all citizens
Invest in businesses by giving loans to build more factories
Build schools for all citizens to receive an education
Create incentives for citizens to start businesses
What impact would being rich in natural resources have on a country's GDP, and why?
Increase it, because they will have a higher literacy rate
Increase it, because they are able to produce more at a lower cost
Decrease it, because they will have to import more natural resources
Decrease it, because they will have fewer jobs
Why is specialization necessary?
No country has all of the factors that increase economic growth, so they must specialize
Scarcity requires countries to focusing on producing what they are best at, in order to purchase what they do not have.
If a country does not participate in specialization they will be unable to trade
Entrepreneurs must have all factors that increase economic growth in order to produce goods and services
Which of the following is an example of a business specializing?
Focusing on a small number of high quality products
Producing as many products as quickly as possible
Training their workers in order to increase productivity
Importing goods and services to sell to comsumers
Which type of trade barrier is the most restrictive?
Tariff
Quota
Embargo
What effect did the creation of the Euro have on the member countries of the European Union?
Decreased production of goods and services
Increased literacy rate
Increased trade
Decrease tourism
What must you do in order to purchase goods or services when visiting a country which uses a currency different from your own?
Currency Exchange
Import Currency
Specialize
Invest
What is the purpose of the European Union?
Combine Europe in to one large country in order to remove trade barriers
Decrease economic competition and participation
Promote greater cooperation and economic development of European countries
Increase the number of trade barriers between European countries
Your sixth grade class decided to open a popcorn stand and sell popcorn during lunch. Unfortunately, students are complaining that they are standing in line for too long. You have discovered that your popcorn machine is old and slow. Students need to get their popcorn faster if you want to increase profits.
What change can you make to increase profits?
Invest in your capital goods
Invest in your human capital
Lower the prices students are paying
Lower the quota of student purchases
What is a benefit of having few trade barriers between European Union countries?
Increased trade between countries
Increased unemployment numbers
Increases in the prices of consumer goods
Increases in the quality of consumer goods
How is a market economy different from a command economy?
Command economies encourage entrepreneurs, market economies do not
Market economies provide jobs to all citizens, command economies do not
Command economies guarantee yearly pay raises to workers, market economies do not
Market economies have competition between companies, command economies do not
How does investing in capital goods increase profits?
It educates workers.
It improves the quality of the natural resources.
It increases productivity by allowing faster production.
It encourages entrepreneurs to start more businesses.
Additional training or education of workers is an example of which factor of production?
Entrepreneurs
Capital Goods
Human Capital
Natural Resources
Which of the following are ways that the European Union increased trade between member nations?
Creation and use of the euro
Restricted movement between member nations
Eliminated tariffs on trade between member nations
Increase the use of quotas and embargos in Europe
A country's Gross Domestic Product (GDP) is _______
The total value of goods and services produced in one year.
The total value of imports received each year.
The total value of each person's income.
The total value of all of the houses in the country.
What is a budget?
a group that helps the community
a safe place where people keep money
a center where you can donate things
a plan for spending and saving money
Which is good advice for saving and spending money?
Spend all of your allowance as soon as you earn it.
Use a budget to plan how much money you can save.
Try to buy things that you want before the things that you need.
Buy things you use only once, and then throw them out.
Which type of card is a loan in which the lender will charge you interest if you do not pay off the balance each month?
Credit Card
Debit Card
Prepaid Card
The money you have left after you've paid your income tax is called....
disposable income
discretionary income
mutual funds
portable income
What is income?
The amount you spend
The amount you don't save
Money you earn from a job
What is a variable expense?
The amount of money you spend
The amount of money you save
An expense that costs different amounts every month
The variable in math
What is investment?
money spent on something with the goal of making more money
money spent on other things
money spent on saved products
Which of the following scenarios demonstrates a good budgeting practice?
Julie’s monthly income is less than her monthly expenses.
Carly’s monthly taxes are equal to her monthly expenses.
Rico spends less money each month than he earns at his job.
Sam spends more money each month than he earns at his job.
Which element of a personal budget is the money that a person earns or receives?
income
savings
expenses
investments
Which part of a personal budget records the amount of money a person spends?
salary
income
expenses
interest earned
jar. What do you do?
using the credit card.
expenses jar.
clothes jar to buy more clothes another day.
month.
Day.
You walk outside only to find that your car has been towed because you were parked illegally. You paid the towing company with a check and took this unexpected expense from which jar?
Housing
Utilities
Savings
Car
Use the information to answer the question.
“I want to open my own restaurant. I will need to take out a loan from my bank.”
-Jayla Smith, Entrepreneur
Which of the following BEST explains what should Jayla expect by taking a loan from her bank?
to have to pay her employees their monthly salaries
to repay the bank based on the amount of the loan plus interest
to receive money from her employees to help her repay the loan
to be so successful that she will be able to repay the loan in full right away
Use the information to answer the question.
?
__________________________
Your money will be safe.
Your money can earn interest.
You are less likely to spend your money.
Which of the following is the BEST title for the list?
Benefits of bank loans
Benefits of a debit card
Benefits of savings accounts
Benefits of checking accounts
Which of the following scenarios demonstrates a good budgeting practice?
Julie’s monthly income is less than her monthly expenses.
Carly’s monthly taxes are equal to her monthly expenses.
Rico spends less money each month than he earns at his job.
Sam spends more money each month than he earns at his job.
What is an emergency fund?
A savings account set aside for unexpected situations.
A way to invest for retirement.
Something most people don't need, because emergencies are rare.
An investment account that can grow over time.
Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What card did he use?
credit card
debit card
rewards card
gift card
Jen wishes to take a vacation in a few months that costs more than her monthly paycheck will allow. What would be the safest way to get the money for the trip?
charge the trip on her credit card and pay it back of the next several years
invest a large amount of money in the stock market
immediately start putting a portion of the money in an interest earning savings account
use all of the money in her savings account
In which country is it hardest to start a business?
Russia
United Kingdom
Germany
US
Russia is best at producing and trading oil; Germany exports cars. What is this concept called?
Specialization
Trade barriers
Standard of Living
Currency Exchange
Which of the following is the BEST indicator of standard of living in a country?
Human Capital
GDP
GDP per capita
Capital goods
