WorksheetsEconomics Final Exam
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What is "scarcity?"
a)
It is a fundamental economic concept that says that as price rises, quantity demanded falls.
b)
It is a fundamental economic concept that says that as price falls, quantity supplied rises.
c)
It is a fundamental economic concept that says that the demand for a good or service is greater than the availability of that good or service.
d)
It is a fundamental economic concept that says that people make economic decisions based on incentives.
2.
Which of the following is a POSITIVE economic incentive?
a)
coupon
b)
parking ticket
c)
library fine
d)
speeding ticket
3.
How is monetary policy different from fiscal policy?
a)
Monetary policy involves the money supply, while fiscal policy involves government taxing and spending decisions.
b)
Fiscal policy involves the money supply, while monetary policy involves government taxing and spending decisions.
c)
Fiscal policy involves specific steps taken to carry out the overall monetary policy.
d)
They are the same.
4.
What is the point where the supply and demand curves intersect called?
a)
inefficient production
b)
unattainable production
c)
equilibrium
d)
price floor
5.
The two types of fiscal policy are
a)
crowding out and crowding in.
b)
reserve requirements and discount rate.
c)
expansionary and contractionary.
d)
demand-side and supply-side.
6.
If GDP is decreasing and the unemployment rate is increasing, which fiscal policy would the government MOST likely use?
a)
increase taxes
b)
decrease taxes
c)
increase bank reserves
d)
decrease spending
7.
Which market structure has only one seller?
a)
Oligopoly
b)
Monopoly
c)
Perfect Competition
d)
Monopolistic Competition
8.
Which economic goal is focused on protecting consumer, producers, and resource owners from risks in society?
a)
Economic Security
b)
Economic Growth
c)
Economic Freedom
d)
Economic Stability
9.
The tools of fiscal policy include
a)
spending.
b)
taxing.
c)
borrowing.
d)
all of the above
10.
According to the Law of Demand, what happens when price increases?
a)
quantity demanded increases
b)
quantity supplied increases
c)
quantity demand decreases
d)
quantity supplied decreases
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