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Economics Final Exam Review 2024

Total questions: 140

Worksheet time: 2hrs 47mins

Name
Class
Date
1.

A higher GDP generally correlates to a(n) ___________ standard of living.

a)

higher

b)

lower

c)

unrelated

2.

GDP per capita is found by dividing a country's GDP by it's

a)

population.

b)

average birth rates.

c)

number of households.

3.
What does Per Capita Mean?
a)
Per Household
b)
Per Object
c)
Per Worker
d)
Per Person
4.
You buy a book from a garage sale.
a)
Good
b)
Service
5.
You hire someone to cut your lawn.
a)
Good
b)
Service
6.
You visit the doctor for a checkup.
a)
Good
b)
Service
7.
You pay your sister $5 to clean your messy bedroom.
a)
Good
b)
Service
8.
House: Goods or Service?
a)
Goods
b)
Service
9.
iPhone: Goods or Service?
a)
Goods
b)
Service
10.
What is an example of a consumer?
a)
a farmer who grows corn
b)
a person who buys books
c)
an artist who sells paintings
11.
The system in which goods and services are bought and sold
a)
economy
b)
free market economy
c)
scarcity
12.
An economy where choices are left up to each buyer and seller
a)
market
b)
free market economy
c)
scarcity
13.
When people want more things than they can actually have
a)
economy
b)
free market economy
c)
scarcity
14.
A place where buyers and sellers come together
a)
goods
b)
services
c)
market
15.
What can the government do to give a boost to a slowing economy? 
a)
raise taxes
b)
lower taxes
c)
increase interest rates
16.
If unemployment is high, how will the economy be affected?
a)
Government spending will decrease
b)
Consumer spending will decrease
c)
Consumer spending will increase
d)
Business investments will increase
17.
recurring periods of expanding and contracting economic activity
a)
Gross Domestic Product
b)
Business cycle
c)
National Income Accounting
d)
Microeconomics
18.
GDP is the highest in which of the following phases?
a)
Trough
b)
Expansion
c)
Peak
d)
Recession
19.

When calculating GDP, which of the following gets subtracted out?

a)

Consumer spending

b)

Business investment spending

c)

Imports

d)

Government spending

20.

What term is used to describe the percent of the labor force that does not have a job but is currently looking for one?

a)

Leading economic indicator

b)

Full employment

c)

Unemployment rate

d)

workforce

21.

What term is used to describe an increase in the general price level?

a)

Deflation

b)

Monetary policy

c)

Stagnation

d)

Inflation

22.

"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

23.
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
a)
Free Market
b)
Traditional
c)
Mixed
d)
Command
24.
Katia is an accountant in a government run business where she was placed after graduation.
a)
Command
b)
Traditional
c)
Free Market
d)
Mixed
25.
Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.
a)
Traditional 
b)
Free Market
c)
Mixed
d)
Command
26.
Joe owns a shoe store.  At the end of the month Joe decides what to do with his profits.
a)
Command
b)
Free Market
c)
Traditional
27.
Nike and Under Armour sell similar products.  This leads to a decrease in price and an increase in quality.
a)
Free Market
b)
Command
c)
Traditional
28.
Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
a)
Free Market
b)
Traditional
c)
Command
29.
Sally works in a private company that has to follow government rules for public safety.
a)
Free Market
b)
Command
c)
Mixed
d)
Traditional
30.
Who or what answers the basic economic questions in a command economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
31.
Who or what answers the basic economic questions in a free market economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
32.
Society will never be able to satisfy all wants and ____.
a)
desires
b)
needs
c)
hungers
d)
money problems
33.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
34.

There are four types of economic systems. Most economies are _____.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

35.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
36.
The government has little to no role in the production of goods in this type of economy. 
a)
Traditional 
b)
Mixed
c)
Command 
d)
Market
37.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 
a)
desire
b)
demand
c)
supply
d)
scarcity
38.
_______ is another word for Market Economy. 
a)
Capitalism 
b)
Communism
39.

When writing a check, it is a good idea to use

a)

pencil

b)

erasable pen

c)

blue or black ink pen

d)

red pen

40.

It is ok to leave the amount portion of a check blank if you are unsure of the amount of an upcoming purchase.

a)

true

b)

false

41.
What is the benefit of direct deposit?
a)
Any overdraft fees are waived
b)
You don't have to spend time and energy depositing a check
c)
The funds from your paycheck are usually available between 3-5 business days
d)
You get a tax benefit from the Federal government
42.
Which of the following is TRUE about banks and credit unions?
a)
Banks are for-profit; credit unions are not-for-profit
b)
Banks are not taxed; credit unions are taxed
c)
Banks are insured by the NCUA; credit unions by the FDIC
d)
There are more local credit unions than there are banks
43.
Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?
a)
His (or his parents') previous year's tax return
b)
Proof of address
c)
Identification
d)
Opening Depo
44.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
45.
A tool that provides information about you to a potential employer.
a)
Career Portfolio
b)
Resume
c)
References
d)
Cover Letter
46.
________ expresses your interest in a specific job
a)
Resume
b)
References
c)
Cover Letter
d)
Career Portfolio
47.
An employer will ask you to complete an _____ which asks for information related to employment.
a)
Personal Data Sheet
b)
Application
c)
References
d)
Cover Letter
48.
The ______ interview occurs when leaving a job.
a)
Informational
b)
Employment
c)
Exit
d)
Coaching
49.
_____________ is a two-way conversation in which the interviewer learns about you and you learn about the job.
a)
Interview
b)
Resume
c)
Cover Letter
d)
References
50.
_________________is a tool that provides information about you to a potential employer.
a)
Cover Letter
b)
Resume
c)
References
d)
Job Application
51.
Which of these are categories of a resume:
a)
Education, Work Experience, References, Awards/Acomplishments
b)
Excellence, Wackiness, E-Vites, Referees, Rewards/Acompaniment
c)
Elephants, Wolverines, Eagles, Rhinos, Racoons/Aardvarks
d)
Eeks, Woohoos, Ehs, Roars, Ribbits
52.
When creating a resume it is important to use...
a)
pretty pringles
b)
petty problems
c)
putrid partridges
d)
proper punctuation
53.
All of the following that are important to consider when creating a resume EXCEPT...
a)
Easy-to-Read
b)
Grammar
c)
Grandma
d)
Spelling/ Capitalization
54.
When do you send your resume?
a)
Before the job interview
b)
After the interview, but before you are hired
c)
After the interview and after you are hired
d)
When you try to get a raise
55.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
56.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
57.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
58.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
59.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
60.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
61.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
62.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
63.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
64.
Appropriate or Not Appropriate for most workplaces?
a)
Yes
b)
No
65.

Are these outfits professional or business casual attire?

a)

professional

b)

business casual

66.

Is this outfit business casual or professional attire?

a)

business casual

b)

professional dress

67.

This man's outfit it...

a)

business casual

b)

professional

68.

Which of the following ladies' shoes is most acceptable for a job interview?

a)
b)
c)
d)
69.

Finish this sentence: In most workplaces, tattoos...

a)

are acceptable as long as they do not contain offensive images/words.

b)

are acceptable as long as they are not on your face.

c)

are NEVER acceptable.

d)

should be covered up by clothing, such as long sleeves.

70.

What colors are best for an interview?

a)

Dark or neutral colors

b)

Tie die colors

c)

Rainbow

d)

Neon

71.
Are these shoes good to wear to an interview?
a)
Yes
b)
No
72.

Which of the following is NOT a business suit color to wear to an interview?

a)

Navy

b)

Green

c)

Gray

d)

Brown

73.

Which category fits this outfit?

a)

Business Dress

b)

Business Casual

c)

Casual

d)

Never Appropriate

74.

Which category fits this outfit?

a)

Business Dress

b)

Business Casual

c)

Casual

d)

Never Appropriate

75.
At all companies, casual day means that you can wear jeans.
a)
True
b)
False
76.
How does your professional appearance impact your career?
a)
Your appearance  does not affect your career.
b)
As long as you have a strong resume, your appearance never matters.
c)
Your appearance only impacts your career if you are in the business sector.
d)
Your appearance strongly influences other people's perception of your suitability for hire or promotion.
77.

For men, __________________ hair should be _______________ or beards neatly groomed.

a)

arm, long

b)

facial, shaved

c)

leg, long

78.
a)
need
b)
want
79.
a)
need
b)
want
80.
a)
need
b)
want
81.
Someone who buys or uses a good or service is called a _____.
a)
producer
b)
clerk
c)
consumer
82.
Someone who makes goods or provides a service is called a _______.
a)
producer 
b)
clerk
c)
consumer
83.
A person who owns a business is called....
a)
an entrepreneur 
b)
a representative
c)
an educator
84.
What is a laissez faire capitalist approach to govt
a)
hand off (left alone)
b)
Extreme Control
c)
Trusting the govt
d)
A mix of control and hands off
85.
What is Free enterprise
a)
Individual control the resources and decides how to use them
b)
Gov control the resources and decides how to use them
c)
Military control the resources 
d)
No one control the resources 
86.
What is socialism/Marxist 
a)
Gov control the resources and decides how to use them
b)
Individual control the resources and decides how to use them
c)
Military control the resources 
d)
No one control the resources 
87.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
88.
In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors.  This is what kind of economy? 
a)
Traditional 
b)
Market 
c)
Command 
d)
Centrally planned 
89.
Economics seeks the answer to the basic question of how to deal with ______. 
a)
money
b)
hunger
c)
demand
d)
scarcity
90.
A tax imposed on imported goods and services.
a)
Quota
b)
Tariff
c)
Subsidy
d)
Standard
91.
In a market economy, if your mom dad are both teachers, do you have to be a teacher?
a)
NO
b)
Yes
c)
Maybe
92.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
93.
To trade.
a)
Taxes
b)
Barter
c)
Service
d)
Producer
94.
The sacrifice that is made when a person chooses between two goods or services.
a)
Profit
b)
Economics
c)
Productivity
d)
Opportunity Costs
95.
What is the benefit of 2 hours of practice 
a)
7 points
b)
12 points
c)
19 points 
d)
25 points
96.
What is the benefit of decreasing the amount of chicken nugget orders from 48 to 29?
a)
19 Chicken Nuggets
b)
12 French Fries 
c)
19 French Fries 
d)
27 French Fries 
97.

Is this type of shelter a need or want?

a)

Need

b)

Want

98.

A want is: Something that makes life more happy and _________ but not _________ to survive.

a)

necessary, comfortable

b)

essential, necessary

c)

happy, comfortable

d)

comfortable, necessary

99.

The definition of a need is: Something that is essential for life and ________ to __________.

a)

necessary, survive

b)

essential, life

c)

necessary, essential

d)

essential, survive

100.

Which is a need?

a)

iPhone

b)

Medication

c)

Backpack

d)

Sunglasses

101.

Which items should you pay for before buying any of your wants?

a)

Rent

b)

Utilities

c)

Groceries

d)

All of the above

102.

Elizabeth has a $25 budget to spend at the store. Which items should she buy first before she buys anything else?

a)

soda, bottled water, grapes

b)

bread, candy, chips

c)

milk, ice cream, pasta

d)

eggs, oranges, soup

103.

Which of the following reasons best describe why you NEED a new book?

a)

There's a movie version of the book coming out.

b)

Your friend told you that you should read the book.

c)

Your English teacher is requiring you to read the book.

d)

Many people at school have recommended it.

104.

If you asked for a new bike, which of the following reasons would you tell your parents that it's a NEED?

a)

You need it so you can go to your friends house whenever you want.

b)

You need it because your friend just got a new bike and you want to be like them.

c)

You need it so you can get fresh air and exercise during the summer.

d)

You need it because the one that you have now isn't as nice looking anymore.

105.
which one is money ?
a)
cash
b)
cheque
c)
draft
d)
all the above
106.

The difference between representative money and fiat money is that

a)

representative money is worth more than fiat money.

b)

fiat money is counted in coins; representative money is counted in paper dollars.

c)

fiat money is more durable than representative money.

d)

representative money is backed by silver or gold, ; fiat money is not.

107.

What effect does inflation have on the purchasing power of money?

a)

Causes it to go down

b)

Causes it to go up

c)

None

d)

The effect varies depending on the time and place.

108.

Which of the following is not a characteristic of money?

a)

Divisibility

b)

Portability

c)

Acceptability

d)

Responsibility

109.
Currently, what is U.S. money backed by?
a)
Frankincense
b)
Gold
c)
Silver
d)
Trust that it is worth something
110.
What is inflation?
a)
A fall in the general level of prices
b)
A rise in the general level of prices
c)
A rise in the GDP
111.
This characteristic of money refers to the ability to carry it with you---lightweight and easy to transport.
a)
portability
b)
uniformity
c)
acceptability
d)
stability
112.

Anything of value

a)

asset

b)

equity

c)

liability

d)

medium of exchange

113.

A cash obligation

a)

liquid asset

b)

owner's equity

c)

asset

d)

liability

114.

Your handshake should be

a)

loose

b)

firm

c)

tight

d)

wet

115.

You should arrive...

a)

late for the interview

b)

early for the interview

c)

when you get ready for the interview

116.

Money taken out of your pay for taxes are called

a)

deductions

b)

benefits

c)

vacation

117.

If you work more than your regular hours, this is called

a)

net pay

b)

gross pay

c)

overtime

118.

The amount you earn BEFORE money is taken out is called

a)

deductions

b)

benefits

c)

gross pay

119.

If the company pays for your dental bills, that is a

a)

benefit

b)

vacation

c)

rate

120.

Choose the best answer for this question “Why should we hire you?”

a)

I’d really love to bring my diverse skill set to your company.

b)

Nothing! I'm perfect!

c)

Says “hire me”.

d)

I am a professional in this way.

121.

Choose the best answer for this question

“What is your greatest strength?”

a)

My beauty.

b)

I am a skilled salesman with over ten years of experience.

c)

I known every secret in my previous company.

d)

I can eat as much as you think.

122.

An owner of a sole Proprietorship is personality liable for all assets

a)

True

b)

False

123.

A sole proprietorship has to share their profits with a partner

a)

True

b)

False

124.

Unlimited liability means?

a)

The owner is personally liable to cover business debts and any costs the business can not cover

b)

The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt

c)

A corporation is not responsible for taking care of lawsuits

d)

A sole Proprietorship will have enough money and coverage to pay any and all debts

125.

Limited Liability applies to

a)

Sole Proprietorships

b)

small business owners

c)

Corporations and partnerships

d)

Only Corporations

126.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
127.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
128.

A business in which all partners share in both responsibility and liability

a)

Limited partnership

b)

Limited liability partnership

c)

General partnership

d)

Articles of partnership

129.

A business in which all partners are limited from personal liability in certain situations

a)

Limited partnership

b)

Limited liability partnership

c)

General partnership

d)

Articles of partnership

130.

The owner's financial liability is not limited to investments in the business.

a)

Limited liability

b)

Unlimited Liability

c)

Limited Liability Company

d)

Limited Liability Partnership

131.

Disadvantage of an LLP:

a)

Double taxation, where income taxes are paid on the same source of earned income

b)

Each partner is liable for the debts incurred by the actions of other partners

c)

A partner who wishes to transfer his ownership rights must obtain consents of all partners

d)

Each partner is 'jointly and severally' liable for the partnership's debts

132.
A legal agreement that set out each partner's rights and responsibilities in a particular partnership
a)
limited partnership
b)
general partnership
c)
Uniform Partnership Act
d)
Articles of Partnership
133.
How is a general partnership organized?
a)
Every partner shares equally in both responsibility and liability
b)
The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership
c)
No partner is responsible for the debts of the partnership beyond his or her investment
d)
Only one partner is responsible for the debts of the partnership
134.

A corporation is a business for which ownership is divided into shares or stocks that may be bought and sold through a stock exchange.

a)

True

b)

False

135.
What are bonds?
a)
Spies
b)
written statements that the borrower will repay the principal (amount of money borrowed) at some time in the future
c)
investors who own stock
d)
Men of mystery
136.
Do stockholders run the day-to-day operations of a corporation?
a)
Yes
b)
No
c)
Maybe so
d)
Sometimes
137.
Proof of ownership of part of a corporation
a)
Stock certificate
b)
Proxy
c)
Charter
d)
Capital funds
138.
What feature is LEAST important for a college student to look for in a checking account?
a)
Low minimum balance requirement
b)
Interest rate
c)
Fees
d)
ATM availability
139.

How can you protect your checking account when using online and mobile banking? (Two Answers)

a)

Use a strong password

b)

Sharing your pin # with only 1 person in case you forget it

c)

Connect to a secure WiFi network

d)

Opt-out of alerts to notify you of unusual activity

140.
Why is understanding a bank's fees particularly important for students or young adults?
a)
With less banking experience they may incur fees unknowingly
b)
They may have high balances in their account and are therefore likely to overdraft easily
c)
Banking is like insurance; being younger means higher fees
d)
Your credit score is heavily dependent on how well you bank

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