WorksheetsEconomics Final Exam U1 & U2 Review
Total questions: 20
Worksheet time: 10mins
Economics is:
a. The study of choices and how people will use scarce resources which have alternative uses.
b. The study of money and business.
c.
d. The most exciting thing to Ms. T!
______________ arises because all resources are limited and can’t satisfy people’s unlimited wants!
a. Benefits
b. Scarcity
c. Capital
d. Utility
Which of the following is NOT a factor of production?
a. Land
b. Labor
c. Capital
d. Credit
Which of the following statements best describes the concept of "opportunity cost"?
a. the money spent to produce goods and services
b. the monetary value of goods and services
c. the value of what must be given up to get something
d. the cost of eliminating scarcity
Which of the following statements best describes land as a factor of production?
Considered to be the human resource
The “gifts of nature” or natural resources not created by human effort
Risk-taking individuals who have the ability to start a new business or bring a product to market.
Tools, equipment, factories used in production. It is the result of production.
Which of the following statements best describes labor as a factor of production?
Considered to be the human resource
The “gifts of nature” or natural resources not created by human effort
Risk-taking individuals who have the ability to start a new business or bring a product to market.
Tools, equipment, factories used in production. It is the result of production.
Which of the following statements best describes capital as a factor of production?
Considered to be the human resource
The “gifts of nature” or natural resources not created by human effort
Risk-taking individuals who have the ability to start a new business or bring a product to market.
Tools, equipment, factories used in production. It is the result of production.
Which of the following statements best describes entrepreneurs as a factor of production?
Considered to be the human resource
The “gifts of nature” or natural resources not created by human effort
Risk-taking individuals who have the ability to start a new business or bring a product to market.
Tools, equipment, factories used in production. It is the result of production.
Productivity is:
Used by the Federal Reserve to regulate the nation’s money supply.
Created by each state to preserve each state’s own identity.
Dictated to each country of the world by the World Bank.
A measure of efficiency that shows the number of outputs per unit of input
What is the Law of Increasing Productivity?
As you produce less of any good, the opportunity cost will decrease
Owning too many cats
The Federal Reserve Bank is trying to decrease unemployment
As you produce more of any good, the opportunity cost will increase
Which of the following is NOT one of the four major economic systems?
Command
Market
Mixed
Gerrymandering
In a command economy, the means of production are owned by_____
The eldest son
The government
An individual
Ms. T because I am the wealthiest woman in America!
What are the three basic economic questions?
What?
How?
For Whom?
All of the above
The best example of a market economic system is:
United States (USA)
China
North Korea
Guam
The best example of a command economic system is:
United States (USA)
China
North Korea
Guam
What does FICO stand for?
Free Interest in Colorado
Fair Isaac Corporation
What is credit?
A prediction of your credit behavior
To get cash, you must leave an item at the pawnbroker.
You must be a member of the credit union in order to get a loan.
The ability to borrow money on the promise you will pay it back
What is a credit score?
A prediction of your credit behavior
To get cash, you must leave an item at the pawnbroker.
You must be a member of the credit union in order to get a loan.
The ability to borrow money on the promise you will pay it back
Which of the following are the credit reporting agencies?
Equifax
Experian
TransUnion
All of the above
The main difference between credit cards and debit cards is:
You must have enough $ in the account to make a purchase with a debit card.
You don’t need to have enough $ in the account to make a purchase with a debit card.
