Worksheets2024 Tri 3 Econ Final
Total questions: 58
Worksheet time: 1hrs 8mins
What are the two groups into which products fall?
(a)
Needs and Wants
Services and Requirements
Tangible and Intangible
What is a capital good?
A financial investment in stocks or bonds
A tool, equipment, or other manufactured good used to produce other goods and services
A professional service offered by a financial advisor
A type of currency used in capital cities
What is the Gross Domestic Product (GDP)?
The total number of people employed in a country
The total exports a country produces in a year
The monetary value of all final goods, services, and structures produced within a country's national borders during a one-year period
The total amount of money a government spends in a year
What four factors of production are necessary to bring clothing to consumer markets?
Land, Labor, Capital, Entrepreneurship
Cotton, Machinery, Factories, Transport
Design, Marketing, Sales, Customer Service
Raw materials, Technology, Packaging, Distribution
What is a trade-off?
A financial investment strategy
A discount offered on products
An alternative that must be given up when one choice is made rather than another
A type of economic model
What is a free enterprise economy?
An economy where the government owns all businesses
An economy with heavy regulations on businesses
A market economy where privately owned businesses have the freedom to operate for a profit with limited government intervention
An economy where all goods are shared equally among citizens
What determines how goods and services will be distributed in an economic system?
(a)
The country's political leader
The size of the country
The country's main export
What is the effect on the demand for hamburger buns if the price of hamburgers decreases?
(a)
Demand for hamburger buns decreases
Demand for hamburger buns remains the same
Demand for hamburger buns becomes zero
Which factor can cause a shift in market demand?
(a)
Changes in production technology
Changes in color preferences
Changes in management
What is a characteristic of private ownership in a mixed economy?
It excludes government intervention and regulation
It is combined with government intervention and regulation
It is based solely on individual decision making without government involvement
It is not allowed in a mixed economy
How common is the mixed economy system among countries?
(a)
Only a few countries have this type of economy
No countries have this type of economy
It is becoming less common in most countries
What is a mixed economy?
An economic system that relies solely on market forces
An economic system that has some combination of traditional, command, and market economies
An economic system where the government controls all economic activities
An economic system with no government intervention
A change in demand most directly implies a (a)
When the price of Sprite rises, people start to 7-Up. 7-Up is considered?
(a)
luxury good
complementary good
normal good
A decrease in the average incomes of consumers will result in which of the following?
(a)
An increase in the demand for goods and services
A decrease in the supply of goods and services
An increase in the supply of goods and services
The law of demand states; there is an INVERSE relationship between price and quantity demanded. Which of the following is not a true statement?
(a)
Price goes up qty demanded goes down.
Price goes down, qty demanded goes up.
All answers are correct.
(a) is when the price of a good or service (b) the producer will want to make or produce (c) of it.
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
(a)
Pride
Wealth
Being an employer
The law of demand is best explained with which of the following
if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
there is no law of demand, each situation is unique and demand and prices cannot be predicted
prices will go up for certain goods when quantity demanded goes up and vice versa
If the price of a good changes and this causes people to buy more or less of an item what does this describe
(a)
the demand curve
change in demand
elasticity
A change in demand most directly implies a (a)
A decrease in the price of a good is illustrated on a demand graph?
(a)
The demand curve shifts to the right.
The demand curve shifts to the left
There is upward movement along the demand curve
When the price of Sprite rises, people start to 7-Up. 7-Up is considered?
(a)
luxury good
complementary good
normal good
A decrease in the average incomes of consumers will result in which of the following?
(a)
An increase in the demand for goods and services
A decrease in the supply of goods and services
An increase in the supply of goods and services
The law of demand states; there is an INVERSE relationship between price and quantity demanded. Which of the following is not a true statement?
(a)
Price goes up qty demanded goes down.
Price goes down, qty demanded goes up.
All answers are correct.
(a) Something that (b) or encourages.
(a) is when the price of a good or service (b) the producer will want to make or produce (c) of it.
In which economic system is the protection of private property rights essential?
Command
Traditional
Market
Socialism
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
Which describes a mixed economy
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
Which of the following economies do families, clans, or tribes make economic decisions based on generational customs and beliefs.
(a)
Mixed
Market
Command
In order for markets to work efficiently, what needs to be well defined and enforced by law, otherwise trade would break down? __
(a)
competition
voluntary exchange
consumer soverignty
What is is called where buyers and sellers meet to exchange goods and services for money
(a)What happens in the products market?
(a)
The government provides which of the following with the revenue it takes in from taxes?
(a)
Increase in taxes
More Congressmen
Greater control of the media
If a farm worker loses his job after the harvest this is called
(a)
Frictional unemployment
structural unemployment
cyclical unemployment
Full employment is when
(a)Everybody who wants a job has a job
There is no unemployment at all
There is no structural unemployment
What is it called when there is a general increase in prices
(a)
purchasing power
the CPI
a price index
If you are underemployed it means
(a)
no longer look for work
are the same as unemployed workers
experience only frictional employment
What is the inflation rate
(a)
the ability to buy goods or services
measured in fixed dollars
not an important measure to economists
People's purchasing power was reduced because of inflation and this resulted in what
(a)
the same amount of money buys ore goods and services
the market basket has to be changed every year
there is not enough money in the economy
A person lost their job due to a decrease in sales during a recession in the economy, this is called?
(a)
frictionally unemployed
structurally unemployed
technologically unemployed
seasonally unemployed
Which of the following best defines unemployment?
The state of being able to work and actively seeking work, but unable to find employment
The state of being able to work, but choosing not to
The percentage of the labour force that is able and actively seeking work, but cannot find employment
The total number of people who do not work
Which one of the following is officially unemployed
A secretary who took 6 months off for maternity leave
An aspiring actress who waits tables but would rather act
Maid who got fired and will start a new job in 2 weeks
A student who only works 4 hours a week in the library
This graph shows what?
(a)
Change in Quantity Supplied
Increase in Supply
Decrease in Supply and Decrease in Demand
Which graph shows when the cost of steel decreases for the auto industry
Which graph shows what would happen if the government gives auto producers subsidies?
What will happen when the price of automobiles increases?
(a)
increase in supply
decrease in supply
decrease in quantity supplied
If the price of printers goes down, what happens in the market for ink cartridges?
(a)Supply increases.
Supply decreases.
Demand decreases
The horizontal axis (x axis) of a demand graph is what?
(a)
price
quantity supplied
change in demand
Where does the price go on the graph ________
(a)
The sources of income for the national government are called
(a)taxes
What are income, payroll, corporate and excise examples of?
expenditures
interest
Label the curve correctly
Price
Quantity
Demand
