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Econ Finals Review Day 2

Total questions: 36

Worksheet time: 21mins

Name
Class
Date
1.

Which type of economic system does the United States have?

a)

Market

b)

Commend

c)

Mixed

d)

Traditional

2.

The tribe relied on hunting and farming for food. The boy knew he would be a farmer just like his Dad had been. What kind of economic system does this describe?

a)

Market

b)

Command

c)

Traditional

d)

Mixed

3.

In the former Soviet Union, consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. In what type of economy did they live?

a)

Market

b)

Mixed

c)

Traditional

d)

Command

4.

Turkey has a diversified economy with large service, manufacturing, and agricultural sectors. It has gradually moved from government directed economy to more private enterprise. Which economic description best suits Turkey?

a)

Command/Mixed

b)

Mixed/Market

c)

Traditional

d)

Command

5.

What is Free Enterprise (Capitalist) Economy?

a)

Individuals and businesses are allowed to compete for profit with a minimum of government interference

b)

The government controls the economy

6.
Policies that reduce the risk of individuals from economic harms such as loss of income due to job loss target the economic goal of
a)
equity
b)
freedom
c)
security
d)
stability
7.
A teacher decides to help his/her students by announcing that on the next test everyone will get an A.  Students do not study for the test.  This policy could be interpreted as targeting
a)
economic stability at the expense of economic freedom 
b)
economic equity at the expense of economic efficiency
c)
economic efficiency at the expense of economic freedom
d)
economic security at the expense of economic stability
8.
Antitrust laws could be interpreted as targeting 
a)
economic stability at the expense of economic freedom
b)
economic equity at the expense of economic efficiency
c)
economic efficiency at the expense of economic freedom
d)
economic security at the expense of economic stability
9.
Which point on the Production Possibilities Curve represents a situation in which resources are not being used effectively
a)
A
b)
B
c)
C
d)
D
10.
Redcues extreme ups and downs in our economy and helps to keep prices from changing too quickly
a)
security
b)
growth
c)
full employment
d)
stability
11.

This is how it is decided who will get goods and services when there are not enough for everyone.

a)

good

b)

scarcity

c)

allocation

d)

services

12.

Sarah knows that Tony does not have anything for lunch. She gives him her cookie and chips. This is an example of what type of allocation strategy?

a)

force

b)

lottery

c)

contest

d)

sharing

13.

This is when something earns the most votes wins.

a)

first-come-first-served

b)

majority rules

c)

personal characteristics

d)

none of these

14.

Tanya and Marie stand in line on Black Friday to be one of the first to get the newest iPhone at a good price. This is an example of...

a)

contest

b)

lottery

c)

majority rules

d)

first-come-first-served

15.
Which best describes a public good?
a)
A good provided by the government 
b)
A good purchased by individuals
c)
A good that exists only in a free market
d)
A good that produces no externalites
16.
A market failure is best described as
a)
The idea that market forces of supply and demand always provide the maximum benefit for society
b)
The idea that market forces of supply and demand do not always provide the maximum benefit for society
c)
The concept that a decision made by one party can have negative effects on another party
d)
The concept that a decision made by one party can have positive effects on another party
17.
Which is not an example of a public good?
a)
Legacy High School
b)
Big Dry Creek Open Space
c)
Target
d)
Broomfield Water
18.
Government regulations exist to
a)
Increase economic freedom
b)
Protect consumers from negative externalities
c)
Punish people who intervene in the free market
d)
Provide incentives to privatize
19.
Government regulation may negatively affect businesses in the following ways by
a)
Increasing input costs
b)
Increasing profits
c)
Lowering consumer prices
d)
All of the above
20.

Which is not an example of a publicly owned industry intended to provide goods and services more efficiently to the public?

a)

Postal service

b)

Public transportation

c)

Airline industry

d)

Utilities such as gas, water, electric

21.

Stephanie was happy with her job but one day, she heard about a job that would pay her more, give her more vacation, and better insurance. Because she always wants to improve her situation, Stephanie applied for the job.


Which characteristic of a mixed economy does this describe?

a)

Limited Government

b)

A system of markets and prices

c)

Freedom of enterprse and choice

d)

Competition

22.

Archibald always purchased his groceries at Walmart Aldi opened a new store. A natural rivalry has been created and Archibald now has a choice as to where he buys groceries.


Which characteristic of a Mixed economy does this describe?

a)

Private Proerty

b)

Motive of Self-Interest

c)

A system of markets and prices

d)

Competition

23.

Jack needed a new car. As he shopped around he found two identical cars at two different dealerships. The first dealership wasn't offering any deals. The second dealership offered $1,000 cash back and free oil changes for a year. Jack bought the car at the second dealership


Which characteristic of a mixed economy does this describe?

a)

Motive of self-interest

b)

Competition

c)

Private Property

d)

Limited Government

24.

Elizabeth owns a large swath of farmland in Nebraska on which she grows corn, wheat, and soybeans. The Federal government approached her to inquire if she would be willing to lease portions of her property to install energy generating wind turbines. Elizabeth negotiated a deal in which the government would would pay her to use the land.


Which characteristic of a mixed economy does this describe?

a)

Private Property

b)

A system of markets and prices

c)

Competition

d)

Freedom of Enterprise and choice

25.

This feature of Free Enterprise includes the desire for profit and improving material well-being

a)

Self-Interest

b)

Economic Freedom

c)

Voluntary Exchange

d)

Profit Motive

26.

This feature of Free Enterprise includes consumers & producers willingly buying and selling goods.

a)

Voluntary Exchange

b)

Self-Interest

c)

Profit Motive

d)

Economic Freedom

27.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
28.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
29.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
30.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
31.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus 
c)
market price 
d)
supply
32.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
33.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
34.

Supply and demand determine

a)

needs and wants

b)

all goods produced

c)

the price for a good or service

d)

All of the above

35.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
36.

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.

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