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Govt/Economics EOY Review

Total questions: 78

Worksheet time: 2hrs 18mins

Name
Class
Date
1.
The fundamental economic problem facing all societies that results from a combination of scarce resources and people’s virtually unlimited wants.
a)
Scarcity
b)
Need
c)
Utility
d)
Value
2.
The productive resources that make up the four categories of land, capital, labor, and entrepreneurship
a)
Profit
b)
Capital Good
c)
Factors of Production
d)
Product Market
3.
A risk-taking individual in search of profits; one of the four factors of production
a)
Land
b)
Capital
c)
Labor
d)
Entrepreneur
4.
Alternatives that must be given up when one is chosen rather than another
a)
Capital Goods
b)
Wealth
c)
Trade-offs
d)
Factor Markets
5.
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another
a)
Diminishing marginal utility
b)
Gross Domestic Produst
c)
Free Trade
d)
Opportunity Cost
6.
An economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good
a)
Communism
b)
Capitalism
c)
Socialism
d)
Moneyball
7.
An economic system in which private citizens own and use the factors of production in order to generate profits
a)
Communism
b)
Capitalism
c)
Socialism
d)
Moneyball
8.
An economic system in which government owns some factors of production and has a role in determining what and how goods are produced
a)
Communism
b)
Capitalism
c)
Socialism
d)
Moneyball
9.
Economics is the study of how people (including countries and companies), make __________ regarding the buying, selling, using, and distributing of things in the face of scarcity
a)
Profits
b)
Supplies
c)
Products
d)
Choices
10.
A _________ refers to work done for other people
a)
Debt
b)
Good
c)
Service
d)
Demand
11.
________ are things which are produced or manufactured (i.e., “man-made” items)
a)
Debts
b)
Goods
c)
Services
d)
Demands
12.
True or False: Diminishing Marginal Utility means that with each succeeding unit, satisfaction decreases.
a)
True
b)
False
13.
Changes in supply, whether increases or decreases, can occur for several reasons. These reasons, or factors, include the following factors: Cost of inputs; Productivity; Technology; Taxes and subsidies; Expectations, Government regulations; and __________________.
a)
Diminishing Marginal Utility
b)
Number of sellers
c)
Player/Agent relationships
d)
Quality of items produced
14.
What are the three stages of production?
a)
Increased output; product optimization; technological advances
b)
Initial Operating Capacity; Streamlined production, Automated output
c)
Increasing returns; Diminishing returns; Negative returns
d)
Scarcity; Opportunity Cost; Diminishing Marginal Utility
15.
Identify the four measures, or categories, of cost.
a)
Price; value; utility; money-back guarantee
b)
natural resources, labor, capital, and entrepreneurship.
c)
Supply, Demand, Scarcity, Economics
d)
Fixed cost; variable cost; Total cost; Marginal cost
16.
________________ is when a business focuses on producing a specific type of good or service.
a)
Specialization
b)
Market share
c)
Productivity
d)
Economics
17.
The idea of workers being assigned a specialized task or job is know as
a)
Division of labor
b)
Theory of production
c)
Marginal Product
d)
Demand elasticity
18.
Natural resources are classified as either renewable or ______________.
a)
Eco-friendly
b)
Productive
c)
Non-renewable
d)
Unnatural
19.
Each purchase or economic decision we make has a _________ and a ______ related to it.
a)
Supply; Scarcity
b)
Benefit; Cost
c)
Subsidy; Product
d)
Opportunity; Cost
20.

This principle that states when the price of a good or service increases, the quantity demanded decreases, and vice versa

a)

Law of Demand

b)

Law of Supply

c)

Price Elasticity

d)

Marginal Utility

21.

A market structure characterized by a single seller, selling a unique product in the market

a)

Monopoly

b)

Oligopoly

c)

Perfect Competition

d)

Monopolistic Competition

22.

What is the primary focus of Macroeconomics?

a)

The study of individual markets and segments of the economy

b)

The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth

c)

The analysis of the choices made by firms and households

d)

The study of government policies on the economy

23.

What does 'GDP' stand for?

a)

General Demand and Production

b)

Gross Domestic Product

c)

Government Debt Percentage

d)

Global Development Program

24.

Which of the following best describes the term 'Inflation'?

a)

An increase in the overall level of prices in the economy

b)

A decrease in the value of money as a medium of exchange

c)

An increase in the production of goods and services over time

d)

A decrease in the overall level of prices in the economy

25.

Which of the following best describes a 'Mixed Economy'?

a)

An economic system where all resources are owned and controlled by the state.

b)

An economic system that features characteristics of both capitalism and socialism.

c)

An economic system based entirely on market transactions without government intervention.

d)

An economic system where the market determines production, distribution, and price decisions.

26.

In economics, the term 'Market Failure' primarily refers to a situation where:

a)

The market fails to allocate resources efficiently.

b)

All markets are closed due to economic downturns.

c)

A single buyer or seller has control over the market.

d)

The demand for a product completely vanishes.

27.

The concept of 'Economies of Scale' refers to the situation where as the quantity of output goes up, the cost per unit goes _______.

a)

Up

b)

Down

c)

Unchanged

d)

Variable

28.

What does the term 'Monetary Policy' refer to?

a)

Government policy on taxation and public spending

b)

Regulations governing financial institutions

c)

The actions of a central bank to control the money supply and interest rates

d)

Legislation affecting international trade

29.

The measure of how much one economic variable responds to changes in another economic variable is known as

a)

Marginal Utility

b)

Elasticity

c)

Opportunity Cost

d)

Economic Growth

30.

What does 'CPI' stand for in economics?

a)

Consumer Price Index

b)

Cost Price Increase

c)

Capital Productivity Index

d)

Consumer Productivity Indicator

31.
A government dominated by religion
a)
Democracy
b)
Capitalism
c)
Communism
d)
Theocracy
32.
Any political party other than the two major parties
a)
Third party
b)
Theocracy
c)
Caucus
d)
Platform
33.
Person responsible for the overall planning and strategy of a campaign
a)
Third party
b)
Interest group
c)
Political action committee
d)
Campaign manager
34.
In this system several officials are elected to represent voters in an area. Offices are filled in proportion to the votes that each party’s candidates receive.
a)
Single-member districts
b)
Proportional representation
c)
Plurality
d)
Ideology
35.
This allows a person to vote without going to the polls on Election Day
a)
Register
b)
Lobbying
c)
Ticket
d)
Absentee ballot
36.
A private meeting of party members to choose candidates for office
a)
Ticket splitting
b)
Caucus
c)
Coalition government
d)
Soft money
37.
An organization formed to collect money and provide financial support for political candidates
a)
Democracy
b)
Nominating convention
c)
Lobbyists
d)
Political action committee
38.
To enroll one's name to participate in elections
a)
Ticket
b)
Caucus
c)
Liberty
d)
Register
39.
Direct contact made by lobbyists in order to persuade government officials to support their interest group's policies
a)
Interest group
b)
Platform
c)
Lobbying
d)
Political party
40.
A statement of a political party's principles, beliefs, and positions on vital issues
a)
Caucus
b)
Suffrage
c)
Platform
d)
Ideology
41.
A set of basic beliefs about life, culture, government, and society
a)
Ticket
b)
Platform
c)
Ideologies
d)
Suffrage
42.
What were the three roadblocks used after 1870 to prevent African Americans from voting?
a)
Grandfather clause, literacy test, poll tax
b)
Poll tax, suffrage, campaign finance reform
c)
Literacy test, lobbying, ticket splitting
d)
Grandfather clause, literacy test, suffrage
43.
Which group of Americans gained the right to vote under the Twenty-sixth Amendment?
a)
Former slaves
b)
Women
c)
People who are 18 or older
d)
Illegal immigrants
44.
Which article of the Constitution describes the structure, roles, and powers of the Executive Branch?
a)
Directive 66
b)
25th Article
c)
Bill of Rights
d)
Article 2
45.
The role of the Executive Branch is to carry out federal laws and
a)
seek re-election
b)
defend the Constitution
c)
make state laws
d)
pass an annual budget
46.
There are only three Presidential qualifications included in the Constitution. What are they?
a)
Natural born citizen; 35 years old; resident of US for previous 14 years
b)
No criminal record; 14 years old; married
c)
35 years old; former military service; natural born citizen
d)
Resident of US for previous 14 years; Natural born citizen; no criminal record
47.
The constitutional qualifications for Vice President are the same as for President.
a)
True
b)
False
48.
How long is a President's term of office?
a)
Six years
b)
There are no term limits
c)
Two terms
d)
Four years
49.
A directive issued by the President that has the force of law
a)
Veto
b)
Executive Order
c)
Presidential Decree
d)
Executive Legislation
50.
As Commander in Chief, the President is the civilian head of the
a)
Legislative branch
b)
American Governors Association
c)
Armed forces
d)
Supreme Court
51.
The War Powers Act of 1973 restricts the President's authority to
a)
Sign treaties with foreign countries
b)
Reduce the federal budget
c)
Declare war against our allies
d)
Send troops into battle
52.
The _________________ serves as president of the Senate, but may only vote in order to break a tie.
a)
President
b)
Chief Justice
c)
Vice President
d)
Speaker of the House
53.
Which amendment clarified Presidential succession, Vice Presidential vacancy, and Presidential inability?
a)
19th
b)
25th
c)
5th
d)
20th
54.
The Presidential Succession Act of 1947 changed the line of succession after the Vice president to: (list the next three offices)
a)
Chief Justice; Speaker of the House; Vice President
b)
Vice President; Speaker of the House; National Security Advisor;
c)
Speaker of the House; President Pro Tempore of the Senate; Cabinet members (based on seniority)
d)
Speaker of the House; President Pro Tempore of the Senate; Chief of Staff
55.
The joint listing of the presidential and vice presidential candidates on the same ballot, as required by the 12th Amendment
a)
Presidential Ticket
b)
Joint Resolution
c)
Presidential election board
d)
Ticket splitting
56.
The President's annual statement to Congress
a)
Exclusive Powers
b)
State of the Union Address
c)
Implied Powers
d)
Presidential Address to Senate
57.
Formal accusation against a president or other public official; the first step in removal from office
a)
Improvisation
b)
Indictment
c)
Imprisonment
d)
Impeachment
58.
A formal decision by the president to reject a bill passed by Congress
a)
Veto
b)
Congressional Denial
c)
Bill elimination procedure
d)
Vector
59.
Advisory council for the president consisting of the heads of the executive departments, the vice president, and a few others selected by the president.
a)
Office of Management and Bugdet
b)
National Security Council
c)
Cabinet
d)
Presidential Staff
60.
Which amendment provided women with the right to vote?
a)
13th
b)
5th
c)
19th
d)
21st
61.
Members of the US House of Representatives are elected to serve terms of ___________.
a)
two years
b)
six years
c)
four years
d)
indefinite
62.
The number of representatives from each state is determined by _____________ every ten years.
a)
Congressional vote
b)
Social media poll
c)
Census population count
d)
Executive order
63.
Members of the US Senate are elected to serve terms of ______.
a)
two years
b)
six years
c)
four years
d)
indefinite
64.
Each state elects ____ senators.
a)
two
b)
four
c)
six
d)
eight
65.
All laws begin as ______. Once approved by both the House and Senate, they go to ______________ for signature or veto.
a)
executive orders; the Supreme Court
b)
bills; the individual states
c)
bills; the President
d)
bills; the Supreme Court
66.
Which amendment lowered the voting age to 18?
a)
5th
b)
26th
c)
13th
d)
18th
67.
The power to levy taxes and appropriate money is one of __________'s most important powers.
a)
the President
b)
the Supreme Court
c)
the Federal Reserve
d)
Congress
68.
The first 10 amendments to the US Constitution are called
a)
the Articles of Confederation
b)
the Natural Rights
c)
the Bill of Rights
d)
the Legislative Code
69.
How many amendments does the US Constitution have?
a)
27
b)
10
c)
25
d)
19
70.

Which statement describes the law of demand?

a)

As prices rise, quantity demanded decreases

b)

As prices rise, demand decreases.

c)

As prices fall, quantity demanded decreases.

d)

As prices fall, demand decreases.

71.

Which explains why a supply line is upward sloping?

a)

the Law of Demand states there is an indirect relationship between price and quantity

b)

the Law of Supply states there is a direct relationship between price and quantity

c)

the Law of Supply compares marginal costs and marginal benefits in a constant rate

d)

the Law of Demand shows a positive relationship between two goods, creating the slope

72.

Which is an example of the Law of Demand at work?

a)

The price of the pizza goes up when the price of cheese goes up.

b)

Demand for pizza goes down when tacos become more popular

c)

The price of pizza falls when the demand for pizza falls

d)

Demand for pizza rises when the price of pizza falls

73.

What causes a shift in the demand curve?

a)

A decrease in price

b)

An increase in price

c)

A change in an area other than price

d)

A change in price and availability

74.

The amount of a good or service that producers are willing and able to sell at all possible prices during a given period of time.

a)

Supply

b)

Demand

c)

Factor of Production

d)

Production

75.

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

76.

Which statement describes the law of demand?

a)

As prices rise, quantity demanded decreases

b)

As prices rise, demand decreases.

c)

As prices fall, quantity demanded decreases.

d)

As prices fall, demand decreases.

77.

Which explains why a supply line is upward sloping?

a)

the Law of Demand states there is an indirect relationship between price and quantity

b)

the Law of Supply states there is a direct relationship between price and quantity

c)

the Law of Supply compares marginal costs and marginal benefits in a constant rate

d)

the Law of Demand shows a positive relationship between two goods, creating the slope

78.

Which is an example of the Law of Demand at work?

a)

The price of the pizza goes up when the price of cheese goes up.

b)

Demand for pizza goes down when tacos become more popular

c)

The price of pizza falls when the demand for pizza falls

d)

Demand for pizza rises when the price of pizza falls

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