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Econ Review #2

Total questions: 114

Worksheet time: 1hrs 6mins

Name
Class
Date
1.

In a Perfect Competition, products are basically..

a)

differentiated

b)

identical

c)

similar

d)

opposite

2.

In a Perfect Competition, the biggest factor in setting price levels is..

a)

supply/demand

b)

the stock market

c)

celebrity endorsements

d)

price of substitute products

3.

In a market that is in Perfect Competition, you would normally find ___

a)

few barriers to entry- easy to enter/exit the market

b)

difficulty in entering the market

c)

government regulations restricting new producers

d)

high taxes and fees making it too expensive to enter

4.

In Monopolistic Competition you would find that purchases are made generally based on __

a)

supply/demand

b)

brand loyalty

c)

price

d)

price of substitute products

5.

The main characteristics of a Monopolistic Competition include..

a)

buyers not well-informed on products

b)

strict gov't regulations

c)

buyers purchase based on brand loyalty

d)

producers differentiate their products to show superiority

6.

An Oligopoly is when there are

a)

few producers who control the market

b)

only one producer

c)

an open market with plenty of producers

d)

a market that hasn't yet been discovered

7.

In an oligopoly, when a few producers join forces publicly to control pricing and production levels (btw: it's illegal in the US)

a)

COLLUSION

b)

CARTEL

c)

TRUST

d)

FEDERATION

8.

The market for agricultural produce is an example of:

a)

monopoly

b)

oligopoly

c)

monopolistic competition

d)

perfect competition

9.

Coke and Pepsi are the main producers and control the soda market. This is an example of:

a)

Oligopoly

b)

Monopoly

c)

Monopolistic Competition

d)

Perfect Competition

10.

When buying produce at the grocery store, many people shop around for the best deal, because when it comes down to it, an apple is an apple. This is an example of:

a)

monopoy

b)

monopolistic competition

c)

oligopoly

d)

perfect competition

11.

Buyers have few choices when it comes down to satellite TV and internet providers. Basically, the producers are pretty much the same. This is an example of

a)

monopoly

b)

oligopoly

c)

monopolistic competition

d)

perfect competition

12.

Nike signed Michael Jordan in 1984 in order to get more young people to buy Nike instead of Converse or adidas. They tried to show their shoe was cool and therefore superior. This is-

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

perfect competition

13.

Your family can only get electricity or natural gas to their home through one provider. There is no other option. This is an example of_

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

perfect competition

14.

Which of the following describes the selling of the same product to different consumers at different prices?

a)

Price discrimination

b)

Interdependent Pricing

c)

Price competition

d)

The Price is Right with Bob Barker

15.

What kind of monopoly does the granting of patents encourage?

a)

Natural Monopoly

b)

Technological Monopoly

c)

Government Monopoly

d)

Mr. Wonderful's Monopoly

16.

How does the government break up and prevent monopolies?

a)

Increased Taxes

b)

Antitrust legislation and regulation

c)

Deregulation

d)

Laissez-faire

17.

What kind of monopoly often provides public goods?

a)

Natural Monopoly

b)

Geographic Monopoly

c)

Government Monopoly

d)

Technological Monopoly

18.
Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?
a)
corporation
b)
partnership
c)
sole proprietorship
19.
Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? 
a)
Consumer – a person who uses or consumes goods
b)
 Partnership –  partner in the lemonade stand
c)
Entrepreneur-  - person who takes a risk to start a new company
20.
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
a)
corporation
b)
partnership
c)
proprietorship
21.
A business partnership has ___________ who share the risks and the profits.
a)
One owner
b)
No more than three owners
c)
Two or more owners
d)
Five or more owners
22.
What do we call a person who is willing to take the risks of starting a business in order to make a profit?
a)
Proprieter
b)
Partner
c)
Entrepreneur
d)
Incorporater
23.
What is a company called that sells stock to raise money?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
d)
Limited Partnership
24.
How is a corporation different from a sole proprietorship?
a)
Corporations are owned by only one person
b)
Corporations can sell stock to raise money for the business. 
c)
Sole proprietorships have limited liability for the owners.
d)
Sole proprietorships require a legal charter to start the business.
25.
An entrepreneur can choose to have which type of business organization?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
All of the above
26.

An organization of workers dedicated to protecting members' interests and improving wages, hours and working conditions for all.

a)

Labor Union

b)

Workers Rights

c)

Worker Strikes

d)

Collective Bargaining

27.

The negotiation of wages and other conditions of employment by an organized body of employees

a)

Labor Unions

b)

Workers Rights

c)

Worker Strikes

d)

Collective Bargaining

28.
_______ is when workers refuse to work in order to force an employer to meet their demands.
a)
labor unions
b)
party
c)
strike
d)
sweatshop
29.

A pressure action by union members and sympathizers who refuse to buy or handle the product of a target company

a)

Boycott

b)

Strike

c)

Injunction

d)

Strikebreaker

30.

What is defined as an "all nonmilitary people of working age (16+) who are employed or unemployed?"

a)

Civilian Force

b)

Military Force

c)

Union Force

d)

Labor Force

31.

A fixed annual income divided and paid weekly, biweekly, and monthly is called...?

a)

Wage

b)

Salary & Wage

c)

Hourly Wage

d)

Compensation

32.

A person who is paid hourly AND is NOT specialized would be considered part of the ...?

a)

Unskilled Labor

b)

Skilled Labor

c)

Semi-Skilled Labor

d)

Professional Labor

33.

A person who is paid hourly AND has specialized abilities and training is considered a part of...

a)

Unskilled Labor

b)

Skilled Labor

c)

Semi-Skilled Labor

d)

Professional Labor

34.

A person who is paid hour AND has minimal specialized skills and education is considered a part of...?

a)

Unskilled Labor

b)

Skilled Labor

c)

Semi-Skilled Labor

d)

Professional Labor

35.

What is it called when a settlement by a third party which is drawn up and legally binding for both sides?

a)

Strike

b)

Mediation

c)

Arbitration

d)

Collective Bargaining

36.

What is it called when the union and the company comes together to renegotiate new contracts with the goal of improving wages, benefits, and conditions?

a)

Strike

b)

Mediation

c)

Arbitration

d)

Collective Bargaining

37.

A person who earns a salary and has advanced skills and education is a part of?

a)

Unskilled Labor

b)

Skilled Labor

c)

Semi-Skilled Labor

d)

Professional Labor

38.

A student records her income and spending for past month, she uses the function of money

a)

Medium of exchange

b)

Standard of deferred payments

c)

Unit of account

d)

Store of value

39.

Choose the most accurate definition of "money".

a)

Money is anything generally accepted in payment for goods or services or in the repayment of debts.

b)

Money is anything recognized in trading and transaction for goods.

c)

Money is legal currency that is released by banks to satisfy the financial needs of the people.

40.

A saving account in a bank represents the function of money:

a)

Store of value

b)

A medium of exchange

c)

A standard for deferred payments

d)

A measure of value

41.

A medium of exchange is_______

a)

something that is generally acceptable in exchange for goods and services

b)

a legally recognized asset that is generally accepted in exchange for goods and services.

c)

something that circulates and provides a standardized means of evaluating the relative price of goods and services.

d)

The ability of money to command purchasing power in the future

42.
What is NOT a characteristic of money? 
a)
Divisible
b)
Portable
c)
Acceptable
d)
Accessible
43.
What characteristic of money the picture represents? 
a)
Divisible
b)
Acceptable
c)
Portable
d)
Stable 
44.
What characteristic of money the picture represents? 
a)
Acceptable
b)
Scarce
c)
Durable
d)
Stable 
45.
What characteristic of money the picture represents? 
a)
Scarce
b)
Divisible
c)
Stable
d)
Durable 
46.

This type of money is valuable because it is made of something valuable.

a)

Commodity money

b)

Representative money

c)

Fiat money

47.

This type of money consists of a certificate or token that can be exchanged for an item of value.

a)

Commodity money

b)

Representative money

c)

Fiat money

48.

This type of money does not have any intrinsic value and does not represent an asset in a vault.

a)

Commodity money

b)

Representative money

c)

Fiat money

49.

The fact that a $20 bill can be exchanged for a 10, a 5 and 5 ones is an example of which characteristic of money?

a)

Durability

b)

Portability

c)

Divisibility

d)

Uniformity

e)

Acceptability

50.

Which of the following is NOT one of the functions of the Federal Reserve?

a)

Performing banking functions for private banks

b)

Setting tax rates for Corporate banks

c)

Regulating banks

d)

Conducting monetary policy.

51.

What is the primary function of the Federal Reserve?

a)

To regulate the stock market

b)

To control the nation's money supply and stabilize the economy

c)

To manage the national debt

d)

To oversee the banking industry

52.
What is the main difference between a bank and a credit union?
a)
banks don't do car loans
b)
credit unions don't have debit
c)
credit unions don't have loans
d)
banks are for profit, credit unions aren't
53.
If someone robbed the bank and took all the money, your money in that bank would still be safe. Why?
a)
rich bankers would pay you back
b)

banks are insured by the FDIC

c)
you would hunt down the robbers
d)
Scooby Doo would find the robbers
54.
One advantage of credit cards over debit cards is that credit cards _______________
a)
are Visa and debits aren't
b)
can make you pay more for something
c)
charge interest
d)
help build a credit score
55.
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 minimum balance every month
d)
 Pay the balance in full every month
56.
Only making the minimum payment on a credit card every month will:
a)
lower the amount total paid for the purchase
b)
make you independently wealthy
c)
take longer to pay off which will result in paying more interest, more money!
d)
pay off the credit card faster
57.

A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report

a)

Credit Score

b)

High Rate Method

c)

Bankruptcy

d)

Credit History

58.
Which of the following is not an investment?
a)
Wage
b)
Property
c)
Stocks
d)
Shares
59.
If you buy part of a company this is called a
a)
Share
b)
Dividend
c)
Patent
60.
If you save money you will earn extra money from the bank called
a)
Investment
b)
Interest
c)
Inheritance
d)
Incompetence
61.

Which is the largest stock exchange?

a)

New York Stock Exchange

b)

NASDAQ

c)

Dow Jones

d)

S & P 500

62.

Investors nearing retirement will typically shift their investment portfolios to include ________ risk investments.

a)

lower

b)

moderate

c)

higher

d)

None of the above

63.

Which investment is the most risky?

a)

bond

b)

stock

c)

mutual fund

d)

savings account

64.

Which type of investment is the least risky?

a)

stock

b)

bond

c)

mutual fund

d)

savings account

65.

Which of the below is an employer based retirement plan that both employees and employers contribute to?

a)

Traditional IRA

b)

Roth IRA

c)

401K

d)

Pension

66.

You should start saving for retirement

a)

When you get married

b)

When you get your first job

c)

When you reach age 50

d)

When you reach age 65

67.

The price of the shirt is $45. The total cost of the shirt is $47.95.

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

68.

Rolando earns $395. His net pay is $356.

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

69.

The value of a house is $250,000. the yearly tax on the house is $7,500.

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

70.

Joey's father is in a car accident and cannot work. What type of insurance replaces his father's earnings?

a)

Health

b)

Life

c)

Disability

d)

Property and Liability

71.

Sally is not feeling well so her mother takes her to the doctor. The doctor tells her she has strep throat, gives her medication, and sends her home to recover. What types of insurance would be used in this case?

a)

Health

b)

Liability

c)

Disability

d)

Unemployment

72.

David's mother is killed in an automobile accident. What type of insurance would provide his family financial support to cover the paid and unpaid work his mother performed?

a)

Life

b)

Health

c)

Disability

d)

Worker's Compensation

73.

The Business Cycle measures ___ over time.

a)

wealth

b)

inflation

c)

economic growth

74.

The business cycle rises above the trendline during-

a)

rescessions

b)

expansions

c)

troughs

75.

GDP declines during a(an)

a)

peak

b)

contraction

c)

expansion

76.

Economic recovery begins-

a)

above the trend line

b)

at the end of a recession (trough)

c)

at the "boom" period

77.

When GDP rises faster than the long-run trend the economy is experiencing-

a)

recession

b)

expansion

c)

recovery

78.

GDP will begin to decline at-

a)

the peak.

b)

the trough.

c)

the contractionary phase.

79.

all people age 16 and above who are either employed or unemployed

a)

labor force

b)

unemployed

c)

employed

d)

discouraged workers

80.

people who are actively looking for work but are currently unemployed

a)

labor force

b)

employed

c)

unemployed

d)

gross domestic product

81.

percentage of people in the labor force who are classified as unemployed

a)

unemployment rate

b)

labor force participation rate

c)

employment rate

d)

discouraged worker rate

82.

type of unemployment that means you are between jobs

a)

frictional

b)

structural

c)

cyclical

d)

seasonal

83.

type of unemployment that means your job was lost due to economic growth

a)

frictional

b)

structural

c)

cyclical

d)

seasonal

84.

type of unemployment that means you do not have a job due to a change in the business cycle

a)

frictional

b)

structural

c)

cyclical

d)

seasonal

85.

general rise in the price level throughout the economy, reduces purchasing power of money

a)

inflation

b)

deflation

c)

disinflation

86.

general fall in the price level throughout the economy, increases purchasing power of money

a)

inflation

b)

deflation

c)

disinflation

87.

most commonly used measurement of inflation, calculated using a market basket

a)

consumer price index

b)

demand index

c)

supply index

d)

employment index

88.

dollar value of all final goods/services produced within a country's borders during a one year period

a)

gross domestic product

b)

gross nominal product

c)

domestic product

d)

national product

89.

rapidly rising general level of prices

a)

hyperinflation

b)

deflation

c)

inflation

d)

quickflation

90.

an organized group of workers formed to protect rights and interests

a)

labor union

b)

workers united

c)

labor club

d)

trade group

91.

cycle of economic expansion and contraction; shows peak, trough, contraction, and expansion

a)

business cycle

b)

labor cycle

c)

expansion cycle

d)

GDP cycle

92.

Match the characteristics of the business cycle phases to the correct phase

a)

high unemployment, low GDP, inflation typically low

1.

trough

b)

rising unemployment, falling GDP, inflation slowing

2.

recession

c)

decreasing unemployment, increasing GDP, inflation increasing

3.

expansion

d)

low unemployment, high GDP, inflation may be high

4.

peak

93.

Fixed or variable expense: Groceries

a)

Fixed

b)

Variable

94.
Examples of Fixed Expenses include:
a)
Mortgage, loans, rent
b)
Cable, entertainment, food
c)
Gas, food, phone
d)
Clothing, gas, food
95.

_____________ are the goods that are taken out to a different country.

a)

Globalization

b)

Imports

c)

Exports

d)

Interdependence

96.

_____________ are the goods that are brought in into our country.

a)

Globalization

b)

Imports

c)

Exports

d)

Interdependence

97.

How is the process through which goods and ideas spread through the world?

a)

Specialization

b)

Globalization

c)

Import

d)

Innovation

98.

A consequence of division of labor is ...

a)

differentiation

b)

productivity

c)

divorce

d)

specialization

99.
Which of the following results should be included where the question mark appears in the illustration?
a)
unemployment
b)
inflation
c)
consumer spending
d)
production
100.

Fiscal Policy is controlled by...

a)

The Government

b)

The Federal Reserve System

c)

The states

d)

The Department of Commerce

101.

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

102.
Taxing & spending to help the economy grow is referred to as
a)
expansionary policy
b)
monetary policy
c)
contractionary policy
d)
budget deficit
103.
Taxing & spending to slow the economy is referred to as 
a)
budget surplus 
b)
monetary policy
c)
contractionary policy
d)
budget deficit
104.
An example of expansionary fiscal policy would be
a)
cutting taxes.
b)
cutting government spending.
c)
cutting production of consumer goods.
d)
cutting prices of consumer goods.
105.

What makes up the largest area of government spending?

a)

Food Stamps

b)

Medicare

c)

Social Security

d)

Interest payments

106.

A tax on imports

a)

tariff

b)

import tax

c)

supply

d)

embargo

107.

any activity which slows or outright blocks the free exchange of goods and services

a)

sanctions

b)

tariff

c)

trade barriers

d)

sovereign

108.

Trading one good or service for another is called

a)

trade

b)

services

c)

barter

d)

scarcity

109.

Making one kind of good or providing one kind of service is called __________________

a)

silliness

b)

specialization

c)

interdependence

110.

Being dependent on other countries to provide the things that the country doesn't produce itself is called

a)

specialization

b)

import

c)

interdependence

d)

export

111.

Which trade agreement includes the United States, Canada, and Mexico?

a)

North American Free Trade Agreement (NAFTA)

b)

World Trade Organization (WTO)

c)

European Union (EU)

d)

Asian Free Trade Agreement (AFTA)

112.

What is the purpose of an embargo?

a)

To impose a total ban on specific goods coming into and leaving a country.

b)

To establish economic policies that restrict imports to protect domestic industries.

c)

To raise the price of imports to encourage consumers to buy locally made goods.

d)

To limit the quantity or monetary value of a product that may be imported.

113.

What is the main goal of the European Union (EU)?

a)

To maintain competitive practices and environmental standards.

b)

To create a single European currency and central bank.

c)

To provide security and maintain safety standards.

d)

To establish free trade among its member nations.

114.

What is the World Trade Organization (WTO)?

a)

An international organization that regulates global trade.

b)

A trade agreement between the United States, Canada, and Mexico.

c)

An organization that provides financial aid to developing countries.

d)

A global organization that promotes peace and security.

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