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WorksheetsEcon Block Final Exam
Total questions: 50
Worksheet time: 2hrs 51mins
Anything that brings buyers and sellers together is referred to as a...
good
market
service
shortage
Economics can be defined as ________________.
the science of decision making
the study of human behavior
the science of buying and selling
the study of unlimited resources
Opportunity cost is...
if you produce another product, the opportunity cost is the money used
if you purchase a product the opportunity cost is the money that goes to the company
if you study extra two hours, the opportunity cost is the two hours leisure that now you cannot have
if you give food to the fish, the opportunity cost is the amount of food eaten by the fish
What are the two basic elements of the circular flow model?
banks and households
households and business firms
business firms and stock markets
stock markets and banks
What do households provide to the resource market?
land, labor, capital, and entrepreneurship
money
people
income
In the simple circular flow model, the payments firms make through resource markets to households are:
goods and services.
Gross Domestic Product.
wages, interest, rent, and profits.
total revenue.
A drop in income would have the least effect on the demand for
candy bars.
bread.
steaks.
automobiles.
What does a rightward shift in a supply curve indicates
an increase in supply
a decrease in supply
an increase in the quantity supplied
a decrease in the quantity supplied
What does a leftward shift in a supply curve indicate?
an increase in supply
a decrease in supply
an increase in the quantity supplied
a decrease in the quantity supplied
What is the most significant reason for the rapid drop in the price of cellular phones and laptop computers since they were first introduced?
increase in demand
increase in the price of substitute goods
change in tastes and preferences
improvements in technology
The (rightward shift) diagram represents a
increase in demand
decrease in demand
change in quantity demand
change in the price demanded
Which of these best describes the law of demand?
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
According to the substitution effect, if two items satisfy the same need and the price of one rises,
people will buy more of the higher-priced item.
people will buy more of the lower-priced item.
the demand will go up.
people will buy something else.
When producers offer more of a good as its price increases and less as its price falls, this defines the
law of demand
law of supply
change in demand
change in supply
Movement along a supply curve demonstrates
a change in quantity supplied
a change in quantity demanded
a change in supply
a change in demand
A decrease in supply is demonstrated by which of the following?
What to produce? Why to produce? Where to produce?
How To Produce? Why to produce? Where to produce?
For whom to produce? Why to produce? Where to produce?
Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?
Market
Socialism
Mixed
Command
Socialism was an alternative to what movement?
Communism
Nationalism
Feminism
Capitalism
Consumer Price Index (CPI) measures
height
weight
happiness
inflation
The Law of Supply says that as price_________supply___________
Increases, Decreases
Increases,Increases
Decreases, Increases
Decreases, Decreases
In order to help the economy grow, the FED may____________the reserve requirement, allowing banks to loan more people money so that they spend more
lower
raise
spend more
save more
Macroeconomics approaches the study of economics from the viewpoints of
individual firms
individual consumers
government units
the entire economy
Gross domestic product is the total ____ produced within a country in a given time period.
market value of all final and intermediate goods and services
market value of all final and intermediate goods and services plus investment and depreciation
amount of final and intermediate goods and services
market value of all final goods and services
A consumer is....
A person that sells goods and services.
A person that sells goods and services for personal use.
A person who purchases goods and services for personal use.
A legally established maximum price for a good or service.
Price Ceiling
Price Floor
Price Control
Minimum Wage
A sustained increase in the average level of the prices for goods and services in an economy over time is best known as--
deflation
disinflation
hyperinflation
inflation
Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?
This graph shows that from 1931 to 1939, the...
government received more money than was spent.
amount of money spent decreased every year.
government spent more money than it received.
amount of money collected increased every year.
What is it called when the stock market rises for a period of time?
bull market
bear market
stock market
growth market
When a company earns a profit, sometimes those profits are distributed to the company’s shareholders. This means those shareholders are paid a _________________.
dividend
asset
stock
bankrupt
