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Economics Final Review

Total questions: 127

Worksheet time: 10hrs 12mins

Name
Class
Date
1.

What is an economic system where the government controls all aspects of production and distribution?

a)

Command Economy

b)

Market Economy

c)

Mixed Economy

d)

Traditional Economy

2.

What is an economic system where the production and distribution of goods and services are determined by supply and demand?

a)

Command Economy

b)

Market Economy

c)

Mixed Economy

d)

Traditional Economy

3.

What is an economic system that combines elements of both command and market economies?

a)

Command Economy

b)

Market Economy

c)

Mixed Economy

d)

Traditional Economy

4.

What is an economic system that relies on customs, traditions, and cultural beliefs to determine production and distribution?

a)

Command Economy

b)

Market Economy

c)

Mixed Economy

d)

Traditional Economy

5.

What is the condition of limited resources and unlimited wants?

a)

Scarcity

b)

Wants and Needs

c)

Globalization

d)

Interdependence

6.

What are desires that can be satisfied by consuming goods or services?

a)

Scarcity

b)

Wants and Needs

c)

Globalization

d)

Interdependence

7.

What is the process of increasing interconnectedness and interdependence among countries?

a)

Scarcity

b)

Wants and Needs

c)

Globalization

d)

Interdependence

8.

What is the mutual reliance and dependence of countries on each other?

a)

Scarcity

b)

Wants and Needs

c)

Globalization

d)

Interdependence

9.

What is the exchange of goods and services between countries?

a)

Trade

b)

Comparative Advantage

c)

Favorable Balance of Trade

d)

Unfavorable Balance of Trade

10.

What is the ability of a country to produce a good or service at a lower opportunity cost than other countries?

a)

Trade

b)

Comparative Advantage

c)

Favorable Balance of Trade

d)

Unfavorable Balance of Trade

11.

What is a situation where a country exports more goods and services than it imports?

a)

Trade

b)

Comparative Advantage

c)

Favorable Balance of Trade

d)

Unfavorable Balance of Trade

12.

What is a situation where a country imports more goods and services than it exports?

a)

Trade

b)

Comparative Advantage

c)

Favorable Balance of Trade

d)

Unfavorable Balance of Trade

13.

What is the policy of imposing barriers on foreign trade to protect domestic industries?

a)

Protectionism

b)

Tariffs

c)

Embargo

d)

Trade

14.

What are taxes on imported goods?

a)

Protectionism

b)

Tariffs

c)

Embargo

d)

Trade

15.

What is a complete ban on trade with a particular country?

a)

Protectionism

b)

Tariffs

c)

Embargo

d)

Trade

16.

When the demand curve shifts to the left, this suggests demand has

a)

increased

b)

decreased

c)

Quantity demanded has increased

d)

Quantity demanded has decreased

17.

When the demand curve has shifted to the right, this suggests demand has

a)

increased

b)

decreased

c)

quantity demanded has increased

d)

quantity demanded has increased

18.

Much of the tea in the U.K. is imported from India. If wages for Indian tea workers rose, thus increasing input costs, how would this effect supply of tea in the U.K.?

a)

Supply would increase

b)

Supply would Decrease

c)

Supply would stay the same

d)

India is not a real country

19.

If a wave of Peruvian immigrants migrated to south Florida, how might this affect the demand for Peruvian goods in the region?

a)

Demand would increase

b)

Demand would decrease

c)

Demand would be unchanged

d)

Quantity Demanded would increase

20.

When the price of Nike brand shoes increases, we will probably go purchase a brand like Adidas or Pumas instead. Which of the following best explains this behavior?

a)

Substitution Effect

b)

Income Effect

c)

Complement Goods

d)

Consumer expectations

21.
As prices rise, sellers will offer more goods and services for sale.
a)
Supply
b)
Law of Supply
c)
Change in supply
d)
demand
22.
The Supply Curve is upward-sloping because
a)
As the price increases, so do costs
b)
As price increases, suppliers can earn higher profits or justify higher marginal costs to produce more.
c)
As the price increases, consumers demand less.
d)
None of the above
23.
A shortage of a good is often a signal for a producer to
a)
lower the production of that good
b)
lower the prices of thay good
c)
raise the prices of that good
d)
shift production to another good
24.
Which of the following will not cause the demand for product K to change?
a)

A change in the price of close-substitute product J
b)

An increase in consumer incomes
c)

A change in the price of K
d)
A change in consumer tastes
25.
The Law of Demand
a)
the desire to own something
b)

when a good's price is lower, consumers will buy more of it. When a good's price is higher, consumers will less more of it

c)
describes how much of a good is offerned for sale at a specific price.
d)
the higher the price, th elarger the quantity produced
26.

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.
27.

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

28.

The diagram represents a(n)

a)

increase in supply

b)

decrease in supply

c)

change in quantity supplied

d)

none of the above

29.

If a wave of Peruvian immigrants migrated to south Florida, how might this affect the demand for Peruvian goods in the region?

a)

Demand would increase

b)

Demand would decrease

c)

Demand would be unchanged

d)

Quantity Demanded would increase

30.

When the price of Nike brand shoes increases, we will probably go purchase a brand like Adidas or Pumas instead. Which of the following best explains this behavior?

a)

Substitution Effect

b)

Income Effect

c)

Complement Goods

d)

Consumer expectations

31.
Goods that are bought and used together are 
a)
complementary goods
b)
substitute goods
c)
income goods
d)
unrelated goods
32.

New robot increase efficiency for Autos

a)
b)
c)
d)
33.

Cost of Steel decreases

a)
b)
c)
d)
34.

Major Auto producer goes out of business

a)
b)
c)
d)
35.

The Business Cycle measures ___ over time.

a)

wealth

b)

inflation

c)

economic growth

36.

The business cycle is made up of how many phases?

a)

5

b)

4

c)

3

d)

2

37.

GDP declines during a(an)

a)

peak

b)

contraction

c)

expansion

38.

Economic recovery begins-

a)

above the trend line

b)

at the end of a recession (trough)

c)

at the "boom" period

39.

If a news headline says, "Finally!!! 2 straight months of increased jobs."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction/Recession

c)

Trough

d)

Expansion/Growth/Recovery

40.

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

a)

Peak

b)

Contraction/Recession

c)

Trough

d)

Expansion/Growth/Recovery

41.

Which of the following is a peak?

a)

A

b)

B

c)

C

d)

D

42.

Which of the following is an expansion, or recovery?

a)

A

b)

B

c)

C

d)

D

43.

Which of the following is a trough?

a)

A

b)

B

c)

C

d)

D

44.

Which of the following is a recession, or contraction?

a)

A

b)

B

c)

C

d)

D

45.

GDP divided by ______ = GDP per capita

a)

population

b)

income

c)

wealth

d)

production

46.

When the economy experiences an expansion, it is most likely the case that

a)

GDP is increasing, unemployment is increasing, and inflation is decreasing

b)

GDP is decreasing, unemployment is decreasing, and inflation is increasing.

c)

GDP is increasing, unemployment is decreasing, and inflation is increasing

d)

GDP is decreasing, unemployment is decreasing, and inflation is decreasing.

47.

"Prices for consumer goods down 5% this year!" This headline affects which economic indicator the most?

a)

Unemployment

b)

Consumer Price Index

c)

Productivity

d)

Gross Domestic Product (GDP)

48.

"Dunder Mifflin Corporation Fires 5,000 Employees" This headline affects which economic indicator the most?

a)

Consumer Price Index

b)

Consumer Spending

c)

Unemployment rates

d)

Inflation

49.

"Business investment in capital goods (machinery for production) rises." The headline above affects which economic indicator the most?

a)

Unemployment

b)

Consumer Price Index

c)

Inflation

d)

Gross Domestic Product (GDP)

50.

Which option presents the business cycle in the correct order

a)

trough, contraction, peak, recovery

b)

trough, expansion, peak, contraction

c)

peak, expansion, trough, recovery

d)

peak, contraction, recovery, trough

51.

Fee charged by the Federal Reserve Bank for other member banks to borrow money from the FED through the discount window?

a)

inflation

b)

interest

c)

discount rate

d)

reserve requirement

52.

The goal of monetary policy is to

a)

sell bonds

b)

reduce unemployment

c)

prevent inflationary and recessionary economic periods

d)

increase tariffs on foreign countries

53.

"The Fed" refers to the....

a)

Federal Bureau of Investigation

b)

Federal Government

c)

Federal Reserve System/Bank

d)

Federal Income Tax

54.
The federal government is attempting to encourage spending by consume rs and businesses, a fiscal policy BEST serving this purpose would be
a)
decreasing taxes
b)
decreasing government spending
c)
reducing the investment tax credit
d)
balancing the budget
55.
If the United States is experiencing inflation, the Fed will likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of money in the economy
56.
In a recession, the Fed would likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of the money in the economy
57.
Does increasing the money supply cause inflation or deflation?
a)
Inflation
b)
Deflation
58.

If the economy was going into a recession, what would the Federal government do with taxes?

a)

increase them

b)

do nothing

c)

decrease them

59.

If the economy was going into an inflationary period, what would the Federal government do with government spending?

a)

increase it

b)

do nothing

c)

decrease it

60.

The federal government's overall approach to spending and taxes is called

a)

Physical Policy

b)

Fiscal Policy

c)

вежба

d)

Monetary Policy

61.

"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

62.

"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

63.

The U.S. income tax system is considered ...

a)

a flat tax.

b)

a regressive tax.

c)

a proportional tax.

d)

a progressive tax.

64.

What is the number one expenditure for the Federal Government?

a)

Education

b)

Social Security

c)

Unemployment

d)

Nuclear Weapons

65.

What is the number one expenditure at the state and local level?

a)

Education

b)

Social Security

c)

Transportation

d)

Nuclear Weapons

66.

Louis's dad pays a tax to the federal government each year based off the money he earns from his business. What type of tax is Louis' dad paying?

a)

Payroll tax

b)

Sales tax

c)

Property tax

d)

Income tax

67.

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

a)

Payroll tax

b)

Property tax

c)

Sales tax

d)

Income tax

68.

Curtis purchased a new pair of jeans for $25. When Curtis pays for his jeans, the total is almost $30 because of the (a)   tax.

69.
A _____________tax may at first appear to be a fair way of taxing citizens because everyone, regardless of income level, pays the same dollar amount. By taking a closer look, it is easy to see that such a tax causes lower-income people to pay a larger share of their income than wealthier people pay
a)
progressive
b)
income
c)
flat
d)
regressive
70.

What is a tax placed on specific goods or services?

a)

Progressive

b)

Regressive

c)

Sales

d)

Excise

71.

What is it called when the government makes more money than it is spending?

a)

Deficit

b)

Surplus

c)

Shortage

d)

Debt

72.

What is it called when a country spends more money than it is bringing in?

a)

Deficit

b)

Surplus

c)

Shortage

d)

Sale

73.

What kind of spending must be added to the federal budget every year?

a)

Mandatory

b)

Discretionary

74.

What kind of Government spending is left up to congress to decide?

a)

Mandatory

b)

Discretionary

75.

What do you have to get in order to protect an idea that you have while you are in the process of creating it?

a)

Copyright

b)

Patent

c)

Trademark

d)

Design Rights

76.

What should you get in order to protect your brand imaging?

a)

Copyright

b)

Trademark

c)

Patent

d)

Design Right

77.

What do you automatically have on an original product that took a certain amount of skill to produce?

a)

Copyright

b)

Patent

c)

Trademark

d)

Design Right

78.

A person’s natural, physical, and mental talents for learning.

a)

Ability

b)

Aptitude

c)

Interests

d)

Habit

79.

What factors are important when considering whether or not to attend college?

a)

Location and campus facilities

b)

Tuition and fees

c)

Academic programs and reputation

d)

All of the above

80.

What does the acronym FAFSA mean?

a)

Financial Application for Free Student Assistance

b)

Free Application for Federal Student Aid

c)

Free Assistance for Fast Student Approval

d)

Formal Application for Federal Student Assistance

81.

Does it cost money to file the FAFSA?

a)

Yes

b)

No

c)

Only if you fill it out after January 1st

d)

Only if your college requires a fee

82.

True or False? Males between the ages of 18-25 must be registered for the Selective Service (draft) in order to complete the FAFSA.

a)

True

b)

False

83.

Gross income is:

a)

the total amount of money you earn

b)

the amount of money you receive after decuctions are subtracted

c)

the total amount of money you spend

d)

sales taxes on items you buy

84.

Net income is:

a)

the total amount of money you earn

b)

the amount of money you receive after deductions are subtracted from your gross income

c)

the amount of money that is taken away in the form of taxes

d)

the hourly rate of pay

85.

Net Income is?

a)

After Tax

b)

Before Tax

c)

Sales Tax

d)

Property Tax

86.

What is the greatest source of revenue for the federal government?

a)

Income Tax

b)

Excise Tax

c)

Sales Tax

d)

Property Tax

87.

What is the greatest source of revenue for a city/town?

a)

Income Tax

b)

Excise Tax

c)

Sales Tax

d)

Property Class

88.

What is the greatest source of revenue for a county?

a)

Income Tax

b)

Property Tax

c)

Excise Tax

d)

Social Security

89.

The form you fill out when you get a job to verify you can work is a ​​

a)

W4

b)

I-9

90.

The form you fill out when you get a job for taxes to be pulled from your paycheck is called...​

a)

W4

b)

I-9

91.

What form do you get every year from your employers that help you file your income tax return?

a)

W4

b)

W2

c)

1040

92.

When is the deadline for your income tax return?

a)

January 1st

b)

January 31st

c)

April 15th

d)

April 1st

93.
Who is responsible for providing the W2 form?
a)
You
b)
Your Employer
c)
Your bank
d)
The IRS
94.

Fixed expenses

a)

Is a spending plan for managing your money

b)

Income from all possible sources

c)

Expenses that equal all the fixed & variable expenses.

d)

Expenses that remain the ssame month after month EX: mortgages, rent, car payments insurances

95.

Variable expenses

a)

Necessary things or items that are paid monthly

b)

Expenses that increase/decrease monthly/yearly EX: Utilities, food, entertainment, internet, TV provider

c)

Is a spending plan for managing your money that includes income and expenses.

d)

Expenses that remain the same over a period of time.

96.

(a)   is an example of a fixed expense.

Choose from the below words
Gas
Groceries
Mortgage/rent
Emergency medical bills
97.

If an expense can NOT be removed from your budget to save money, it is considered a _____.

a)

Income

b)

Want

c)

Need

d)

Savings

98.

If an expense can be cut from your budget to save money, it is considered a ______.

a)

want

b)

need

c)

income

d)

savings

99.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
100.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
101.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
102.

What is a good practice when it comes to credit cards?

a)

getting as many credit cards as possible

b)

paying only the minimum

c)

charging anything you want

d)

paying the amount charged in full each month

103.

What does the offer 0% APR mean?

a)

There will never be any interest on your loan.

b)

There will be a short period of time where there is no interest but there is only temporary

c)

There is no down payment on your purchase

d)

You only have to pay the interest on the loan not pay the loan back

104.

How long will negative actions impact your credit report?

a)

1 Year

b)

10 Years

c)

7 Years

d)

Forever

105.

Which is false about credit cards?

a)

You have to be careful about promotional deals and know exactly what you are getting into.

b)

If you pay off your bill completely by the end of each month then you will not be charged interest.

c)

It is always safe to have multiple credit cards so you have back ups if you lose yours.

d)

Credit Cards can be a great way to build up your credit score if used responsibly.

106.

Which is not something you should look out for when picking out a credit card?

a)

Interest Rates (APR)

b)

Minimum monthly payments

c)

Annual Fee

d)

Which one offers the best teaser deal

107.

You're likely to save more money in the long run if you...

a)

Buy a used car

b)

Lease a car

c)

Buy a new car

108.

A long term rental of a car. You need to pay monthly payments for the vehicle and it must be returned at the end of the contract.

a)

seller

b)

lemon

c)

lease

d)

downpayment

109.

APR is...

a)

Annual Percentage Rate

b)

Artificial Petroleum Reserve

c)

Annual Price Reduction

110.

A common disadvantage of buying a home is:

a)

few financial benefits

b)

limited mobility

c)

restrictions on decorating and having pets

d)

conditions in the lease

111.

What is an advantage of renting a home?

a)

Flexibility and easier relocation

b)

Long-term stability

c)

Ownership of property

d)

Lower monthly payments

112.

What is the term meaning the bank's ability to trust you to pay back a loan?

a)

Credit Card

b)

Credit Agency

c)

Credit Score

d)

Credit Limit

113.

It's a great idea to avoid your bank if you owe them money. They probably won't find you.

a)

true

b)

false

114.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
115.

The more credit cards you have, the better.

a)

True

b)

False

116.

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

117.

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

118.

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

119.

The money paid to an insurance company to purchase a policy

a)

deductible

b)

insurance

c)

premium

d)

policy

120.

A key difference between saving and investing is

a)

Saving is for everyone, investing is for the wealthy

b)

Your money is insured when investing, it is not in savings

c)

Investing has a guaranteed return, savings does not

d)

Saving is for emergencies & goals, investing is for long-term wealth

121.

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

122.

What is the difference between a Traditional and Roth IRA?

a)

A traditional IRA's contributions are not taxed until you withdraw them at retirement. A Roth IRA's your contributions are taxed when you invest.

b)

A Roth IRA's contributions are not taxed until you withdraw them at retirement. A Traditional IRA your contributions are taxed when you invest them in.

123.

Which of these accounts do you set up at a brokerage firm or other financial institution?

a)

401K

b)

Pension

c)

Individual Retirement Account

124.

What account is a good idea if you are in a lower tax bracket than you will be at retirement?

a)

Traditional IRA

b)

Roth IRA

125.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
126.

Which of the following is one of the 3 nationally recognized credit bureaus that help maintain and update individuals credit report?

a)

Equifax

b)

Federal Reserve

c)

Postal Credit

d)

TripleUnion

127.

Which is in the correct order of importance when looking at your credit score?

a)

1. Payment History

  1. 2. Amount Owed

  2. 3. Credit History

b)

  1. 1. Types of Credit

  2. 2. Payment History

  3. 3. How often you apply for credit cards

c)

  1. 1. Credit History

  2. 2. Payment History

  3. 3. Amount Owed

d)

  1. 1. Payment History

  2. 2. Types of Credit

  3. 3. Amount Owed

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