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Econ Final Practice Part 1

Total questions: 70

Worksheet time: 40mins

Name
Class
Date
1.

What is the term for not being able to have all you want due to limited resources?

a)

Opportunity Cost

b)

Market Economy

c)

Microeconomics

d)

Scarcity

2.

Which of the following includes Land, Labor, Capital, and Entrepreneur?

a)

Opportunity Cost

b)

Factors of Production

c)

Microeconomics

d)

Market Economy

3.

What is the economic system that has a great variety of products and choices?

a)

Command Economy

b)

Market Economy

c)

Traditional Economy

d)

Product Market

4.

What is the market where factors of production are exchanged?

a)

Product Market

b)

Factor Market

c)

Command Economy

d)

Traditional Economy

5.

What is the market where finished goods are sold?

a)

Product Market

b)

Factor Market

c)

Command Economy

d)

Traditional Economy

6.

Which economy is where the government controls all productive resources?

a)

Market Economy

b)

Command Economy

c)

Traditional Economy

d)

Product Market

7.

What is given up when a choice is made?

a)

Opportunity Cost

b)

Factors of Production

c)

Microeconomics

d)

Scarcity

8.

Which economy distributes goods and services based on historical patterns?

a)

Market Economy

b)

Command Economy

c)

Traditional Economy

d)

Product Market

9.

What is the study of the behavior of small business and individuals?

a)

Opportunity Cost

b)

Microeconomics

c)

Macroeconomics

d)

Scarcity

10.

Who is known as the Father of Capitalism and the proponent of the "invisible hand theory"?

a)

Karl Marx

b)

Adam Smith

c)

John Maynard Keynes

d)

Milton Friedman

11.

What is the study of how people satisfy their unlimited wants using limited resources?

a)

Microeconomics

b)

Macroeconomics

c)

Economics

d)

Scarcity

12.

Which economist felt that the government needs to control the economy?

a)

Adam Smith

b)

John Maynard Keynes

c)

Karl Marx

d)

Milton Friedman

13.

What type of economy is being shown in the Circular Flow Model?

a)

Market Economy

b)

Command Economy

c)

Mixed Economy

d)

Traditional Economy

14.

What moves clockwise in the Circular Flow Model?

a)

Money

b)

Goods and Services / Labor

c)

Factors of Production

d)

Opportunity Cost

15.

What moves counter-clockwise in the Circular Flow Model?

a)

Money

b)

Goods and Services / Labor

c)

Factors of Production

d)

Opportunity Cost

16.

What occurs at Point A in the Circular Flow Model?

a)

Goods and services are exchanged for money

b)

Factors of production are exchanged for money

c)

Government controls resources

d)

Opportunity Cost is calculated

17.

What occurs at Point B in the Circular Flow Model?

a)

Goods and services are exchanged for money

b)

Factors of production are exchanged for money

c)

Government controls resources

d)

Opportunity Cost is calculated

18.

Who is an investor who anticipates a decline in the value of a stock?

a)

Bull

b)

Bear

c)

Speculator

d)

Short Seller

19.

Which of the following represents corporate profits paid to stockholders on a per share basis?

a)

Bond

b)

Stock

c)

Dividend

d)

Partnership

20.

What is the most common type of business ownership?

a)

Partnership

b)

Corporation

c)

Sole Proprietorship

d)

Stockholders

21.

Which type of business is formed by two or more persons?

a)

Corporation

b)

Sole Proprietorship

c)

Partnership

d)

Stockholders

22.

What is a certificate that represents ownership in a corporation?

a)

Bond

b)

Stock

c)

Dividend

d)

Partnership

23.

Which type of stockholder does not have the ability to vote but is guaranteed a dividend payment?

a)

Common Stock

b)

Preferred Stock

c)

Roth IRA

d)

Unlimited Liability

24.

What is the ticker symbol for Moog Inc.?

a)

MOG-A

b)

MOG-B

c)

MOG-C

d)

MOG-D

25.

What is the current price of stock for Moog Inc.?

a)

$81.84

b)

$82.25

c)

$90.01

d)

$77.00

26.

What is the 52-week high for Moog Inc.'s stock?

a)

$81.84

b)

$82.25

c)

$90.01

d)

$77.00

27.

What is the average number of shares traded for Moog Inc.?

a)

42,201

b)

127,073

c)

81,840

d)

90,010

28.

What is the PE Ratio for Moog Inc.?

a)

16.52

b)

12.34

c)

18.90

d)

14.67

29.

How much dividend does Moog Inc. pay?

a)

$1.00

b)

$1.04

c)

$1.10

d)

$1.20

30.

Rank the following from the safest to the riskiest form of investments: 1. Corporate Bonds 2. Savings Bonds 3. Junk Bonds

a)

1, 2, 3

b)

2, 1, 3

c)

3, 1, 2

d)

2, 3, 1

31.

Where does Equilibrium occur BEFORE the shift?

a)

Price of 8, Quantity of 8

b)

Price of 6, Quantity of 6

c)

Price of 10, Quantity of 10

d)

Price of 4, Quantity of 4

32.

Where does Equilibrium occur AFTER the shift?

a)

Price of 6, Quantity of 6

b)

Price of 10, Quantity of 10

c)

Price of 8, Quantity of 8

d)

Price of 4, Quantity of 4

33.

At $10, BEFORE the shift, is there a surplus or shortage?

a)

Surplus (above equilibrium)

b)

Shortage (below equilibrium)

c)

No change

d)

Equilibrium

34.

At $4, BEFORE the shift, is there a surplus or shortage?

a)

Surplus (above equilibrium)

b)

Shortage (below equilibrium)

c)

No change

d)

Equilibrium

35.

AFTER the shift, how many goods would be purchased at $10?

a)

4

b)

6

c)

8

d)

10

36.

BEFORE the shift, how many goods would be supplied at $12?

a)

6

b)

8

c)

10

d)

12

37.

BEFORE the shift, at a price of $4 how much is the surplus or shortage?

a)

2

b)

4

c)

6

d)

8

38.

Which of the following pairs is an example of Complementary Goods?

a)

Shirts & Ties

b)

Hamburgers & Cheese

c)

Chicken Wings & Hot Sauce

d)

Strawberries & Raspberries

39.

Which of the following pairs is an example of Substitute Goods?

a)

Cheerios & Milk

b)

Smoothie & Slurpee

c)

Disney & Universal

d)

Doughnuts & Danish

40.

Ford reduces production cost by using foreign-made material and foreign labor. What will this cause?

a)

M Demand

b)

SL Demand

c)

SR Supply

d)

SL Supply

41.

Increased fuel costs make delivery from Federal Express more expensive. What will this cause?

a)

M Demand

b)

SL Demand

c)

SR Supply

d)

SL Supply

42.

Which Business form does not feature unlimited liability in lawsuits?

a)

Sole proprietorship

b)

Partnership

c)

Corporation

d)

None of the choices

43.

What will happen to cream if the price of coffee triples?

a)

M Demand

b)

SL Demand

c)

SR Supply

d)

SL Supply

44.

A certificate that represents debt owed by a company is called a?

a)

Commodity

b)

Bond

c)

Stock

d)

Dividend

45.

Which of the following describes the Law of Demand?

a)

No matter what the price people buy the same amount

b)

As price goes up, the amount purchased will decrease. (people buy less)

c)

As price goes up, businesses will supply more

d)

A slight change in price results in a large change in the amount purchased

46.

Which of the following describes Equilibrium?

a)

No matter what the price people buy the same amount

b)

The intersection of the supply curve and the demand curve

c)

As price goes up, businesses will supply more

d)

A slight change in price results in a large change in the amount purchased

47.

Which of the following describes Elastic?

a)

No matter what the price people buy the same amount

b)

As price goes up, the amount purchased will decrease. (people buy less)

c)

A slight change in price results in a large change in the amount purchased

d)

Rule about the satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased.

48.

Which of the following describes Inelastic?

a)

No matter what the price people buy the same amount

b)

As price goes up, the amount purchased will decrease. (people buy less)

c)

A slight change in price results in a large change in the amount purchased

d)

Rule about the satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased.

49.

Which of the following describes the Law of diminishing marginal Utility?

a)

No matter what the price people buy the same amount

b)

As price goes up, the amount purchased will decrease. (people buy less)

c)

A slight change in price results in a large change in the amount purchased

d)

Rule about the satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional unit purchased.

50.

What does point Y represent on the PPF chart?

a)

Efficiency

b)

Unattainable / impossible

c)

Inefficency

d)

Nothing

51.

What does point X represent on the PPF chart?

a)

Efficiency

b)

Unattainable / impossible

c)

Inefficency

d)

Nothing

52.
The opportunity cost of increasing production from 7 to 9 trucks is
a)
1 boat
b)
2 boats
c)
2 trucks
d)
3 boats
53.

Something essential for survival

a)

Want

b)

Need

c)

Good

d)

Service

54.

Economics is the study of how people seek to satisfy their needs and wants by making choices

a)

True

b)

False

55.
All of the following are factors of production EXCEPT
a)
land
b)

Finished goods

c)
labor
d)
capital
56.
The production possibilities frontier illustrates the
a)
maximum combinations of goods and services that can be produced.
b)
resources the economy possess, but not its level of technology.
c)
goods and services that people want
d)
goods and services that people want
57.
Point A in the PPF figure is a(n)
a)
attainable point with full employment of all resources.
b)
attainable point without full employment of all resources.
c)
unattainable point with full employment of all resources.
d)
unattainable point without full employment of all resources.
58.

Point D in the PPF figure is a(n)

a)

attainable production combination without full resource use.

b)

tradeoff.

c)

unattainable production combination.

d)

production combination that can be attained once resources are fully employed.

59.
what is given up when a choice is made
a)
Scarcity
b)
choice
c)
opportunity cost
d)
resources
60.
A person who buys goods and services.
a)
Producer
b)
Consumer
c)
Export
d)
Import
61.
Government rulers tell members of society how the fundamental questions will be answered.
a)
Command Economy
b)
Free Market Economy
c)
Traditional Economy
d)
The Chicken Economy
62.
People simply follow tradition and do whatever their ancestors did (example- If grandfather and dad were fisherman, then son will be a fisherman).
a)
Command Economy
b)
Free Market Economy
c)
Traditional Economy
d)
The Chili Economy
63.
People own their own goods and property; producers are free to decide what goods and services to make and what prices to charge.
a)
Command Economy
b)
Free Market Economy
c)
Traditional Economy
d)
The Cheese Economy
64.
education, skills, knowledge, experience, and abilities that make a person valuable as an employee
a)
credit
b)
planned spending
c)
availability
d)
human capital
65.
What is a stock?
a)
A loan an investor makes to a company or government that pays interest over time.
b)
A share of ownership in a company
c)
A collection of investments sold as a package.
d)
An option to purchase something in the future at todays price.
66.
Profit from selling stock at a higher price than one paid for it.
a)
Dividend
b)
Capital Loss
c)
Capital Gain
d)
Stock Option
67.

a plan that allows people to save for retirement using 'after tax' dollars.

a)

401K

b)

IRA

c)

Individual Retirement Account

d)

Roth IRA

68.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
69.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
70.
Equilibrium in a market means which of the following?
a)
the point at which quantity supplied and quantity demanded are the same
b)
the point at which unsold goods begin to pile up
c)
the point at which suppliers begin to reduce prices

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