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FA24_Final Exam Review

Total questions: 122

Worksheet time: 1hrs 3mins

Name
Class
Date
1.
What is the primary function of households in a circular flow diagram?
a)
a. To supply goods and services
b)
b. To demand resources and provide income
c)
c. To demand goods and services and supply resources
d)
d. To supply goods and services and demand resources
2.
In a circular flow model, what facilites the flow?
a)
a. The movement of money
b)
b. The movement of goods, services, and resources
c)
c. The taxes collected by the government
d)
d. The savings and investments of households
3.
What does the law of demand state?
a)
a. As price decreases, quantity demanded increases
b)
b. As price increases, quantity demanded increases
c)
c. Supply creates its own demand
d)
d. Demand creates its own supply
4.
Which of the following is a determinant/shifter of demand?
a)
a. Consumer income
b)
b. Number of sellers
c)
c. Technology
d)
d. Cost of production
5.
How can a surplus be created in a market?
a)
a. By setting a price floor below equilibrium price
b)
b. By setting a price ceiling below equilibrium price
c)
c. By setting a price floor above equilibrium price
d)
d. By allowing the market to reach equilibrium naturally
6.
What is the primary characteristic of a monopoly?
a)
a. Many sellers
b)
b. No barriers to entry
c)
c. Price taker
d)
d. Single seller
7.
How does investment in human capital affect the economy?
a)
a. It decreases the standard of living
b)
b. It leads to increased unemployment
c)
c. It raises the standard of living
d)
d. It reduces overall production
8.
Which of the following best describes a sole proprietorship?
a)
a. Owned by multiple people, limited liability
b)
b. Owned by one person, unlimited liability
c)
c. Owned by shareholders, limited lifespan
d)
d. Owned by partners, shared decision-making
9.
What is the primary role of businesses in the circular flow model?
a)
a. To supply goods and services and demand resources
b)
b. To demand goods and services and supply resources
c)
c. To collect taxes
d)
d. To provide public good
10.
Which market structure is characterized by many sellers and differentiated products?
a)
a. Monopoly
b)
b. Oligopoly
c)
c. Pure competition
d)
d. Monopolistic competition
11.
What happens when a price ceiling is set below the equilibrium price?
a)
a. Surplus is created
b)
b. Shortage is created
c)
c. Equilibrium price remains unchanged
d)
d. Demand decreases
12.
How does the law of supply state the relationship between price and quantity supplied?
a)
a. As price increases, quantity supplied increases
b)
b. As price decreases, quantity supplied increases
c)
c. There is no relationship
d)
d. As demand increases, supply decreases
13.
What is a common characteristic of an oligopoly?
a)
a. Many small firms
b)
b. Single seller
c)
c. Few large firms
d)
d. No barriers to entry
14.
In a partnership, how is decision-making typically handled?
a)
a. By a single owner
b)
b. By shareholders
c)
c. Equally among partners
d)
d. By a board of directors
15.
Which of the following can cause a shift in the supply curve?
a)
a. Change in consumer tastes
b)
b. Change in consumer income
c)
c. Change in production technology
d)
d. Change in number of buyers
16.
What is meant by product differentiation in monopolistic competition?
a)
a. Products are identical
b)
b. Products are slightly different
c)
c. There is only one product
d)
d. Products are determined by government
17.
Which market structure allows for the greatest control over price?
a)
a. Pure competition
b)
b. Oligopoly
c)
c. Monopoly
d)
d. Monopolistic competition
18.
What is a key advantage of a corporation?
a)
a. Unlimited liability
b)
b. Limited personal liability
c)
c. Direct control by owners
d)
d. Simplified taxation
19.
Which of the following is a public good that governments often provide?
a)
a. Private schooling
b)
b. National defense
c)
c. Luxury housing
d)
d. Personal transportation
20.
What is the definition of market equilibrium?
a)
a. The point where supply exceeds demand
b)
b. The point where demand exceeds supply
c)
c. The point where supply equals demand
d)
d. None of the above
21.
What happens to the equilibrium price if demand increases while supply remains constant?
a)
a. The equilibrium price falls
b)
b. The equilibrium price rises
c)
c. The equilibrium price remains the same
d)
d. The demand curve shifts to the left
22.
If a market is not in equilibrium, what typically happens?
a)
a. Prices remain stable
b)
b. Prices adjust to restore equilibrium
c)
c. Demand remains constant
d)
d. Supply remains constant
23.
If both supply and demand decrease simultaneously, what happens to equilibrium quantity?
a)
a. It increases
b)
b. It decreases
c)
c. It remains unchanged
d)
d. It cannot be determined
24.
What is the effect of a price floor set above equilibrium price?
a)
a. Shortage of goods
b)
b. Surplus of goods
c)
c. Increase in consumer surplus
d)
d. Decrease in producer surplus
25.
Which of the following best describes a price floor?
a)
a. A tax on goods
b)
b. A subsidy for consumers
c)
c. A legally established minimum price
d)
d. A government-imposed price limit
26.
Which of the following is a direct effect of a price ceiling?
a)
a. Surplus of goods
b)
b. Increase in quality
c)
c. Shortage of goods
d)
d. Decrease in demand
27.
The definition of Scarcity is...
a)
An unlimited amount of resources to meet limited wants and needs
b)
A limited amount of resources to meet unlimited wants and needs.
c)
When people use time and energy to create events
d)
a city where individuals commit themselves to unlimited wants and needs
28.

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

a)

Time

b)

Money

c)

Food

d)

Oil

29.

What is the difference between a shortage and scarcity?

a)

A shortage is temporary but scarcity always exists

b)

A shortage results from rising prices; scarcity results from falling prices

c)

A shortage is lack of all goods and services; scarcity concerns a single item

d)

There is no real difference between a shortage and scarcity

30.

A shortage is...

a)

a temporary outage of stuff.

b)

a name of a cow.

c)

the idea that all things have a beginning and an end.

d)

a synonym of scarcity.

31.

Why do prices often go up when there is a shortage?

a)

Because people have a lot of money.

b)

Because there are not enough products available and people are willing to pay more.

32.

Possible cause of a shortage.

a)

Panic buying

b)

Heavy snowstorm

c)

Pandemic

d)

All of the above

33.

In March 2020, due to Covid, toilet paper, paper towels, and Lysol wipes were extremely difficult to find in stores. This is an example of:

a)

Scarcity

b)

Shortage

34.

Global warming and changing weather have caused some parts of the world to become drier and rivers to dry up. This is an example of:

a)

Scarcity

b)

Shortage

35.

A large influx of people moving to our area has caused increased traffic and congestion on our roads. There is a _______ of available land to build new roads or railways.

a)

Scarcity

b)

Shortage

36.

In 2018, the most popular Christmas present was the PS4. Parents discovered that they could not find a PS4 for sale anywhere in their area. In this example, there was a _________ of the PS4.

a)

Scarcity

b)

Shortage

37.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

38.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

39.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

40.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

41.
A herd of cattle is an example of ...
a)
Land
b)
Labor
c)
Entrepreneur
d)
Capital
42.
Forests are examples of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
43.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
44.
Your garbage man is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
45.

Land, labor, and capital are examples of what?

a)

Scarcity of Resources

b)

Opportunity Cost 

c)

Macroeconomics

d)

Factors of Production

46.

An opportunity cost of Sharon’s decision to study hard to pass her Economics test would be –

a)

Sharon making her teacher proud 

b)

time spent chatting with her friends 

c)

receiving an A o the Economics test

d)

Sharon raises her grade in the course

47.

Harvard giving out academic scholarships based upon GPA, Test Scores and Extra-Curricular activities is an example of...

a)

Lottery Allocation

b)

Personal Characteristic Allocation

c)

Contest Allocation

d)

Price Allocation

48.

In economics there are 4 types of resources. Which of the following is NOT a type of resource?

a)

Land

b)

Money

c)

Labor

d)

Entrepreneurship

49.

Another term for allocation is ______________.

a)

Give away

b)

Donate

c)

Distribute

d)

Throw away

50.

We were had to stay home due to Covid-19 and we had a curfew this is an example of what Allocation Strategy

a)

Force

b)

Authority

c)

Price

d)

Competition

51.

The classroom is an example of this Allocation Strategy

a)

Competition

b)

Lottery

c)

Price

d)

Authority

52.

Recourses are allocated by highest value is an example of what Allocation Strategy

a)

Price

b)

Competition

c)

Lottery

d)

Free Market

53.

Professional Sports teams want to win the championship because the get more money. This is an example of what Allocation Strategy

a)

Price

b)

Authority

c)

Competition

d)

Force

54.

This method of Allocation Strategy involves luck

a)

Force

b)

Price

c)

Lottery

d)

Random Selection

55.

People Choosing marriage partners is an example of what Allocation Strategy

(a)  

56.

The newest game system is coming out in November. They have a limited amount at the store. Only the first 100 Customers will get one. This is an example of what

a)

Market

b)

First Come First Served

c)

Lottery

d)

Authority

57.

This Allocation Strategy uses votes and which ever has the most is the winner

a)

Authority

b)

Majority Rule

c)

Force

d)

Price

58.

Apply Concepts In which of these situations would a manufacturer decide to produce more units?

a)

The marginal cost is greater than the marginal benefit.

b)

The marginal cost is less than the marginal benefit.

c)

The marginal benefit is less than the marginal cost.

d)

The marginal benefit is equal to the marginal cost.

59.
The study of the costs and benefits of doing more of an activity versus doing less of an activity.
a)
marginal analysis
b)
efficient points
c)
Inefficient points
d)
unattainable points
e)
Microeconomics
60.
The additional benefit to a consumer from consuming one more unit of a good or service.
a)
marginal benefit
b)
marginal analysis
c)
efficient points
d)
Inefficient points
e)
unattainable points
61.

The cost of consuming one more unit of a good.

a)
marginal cost
b)
marginal benefit
c)
marginal analysis
d)
efficient points
e)
Inefficient points
62.

You made a good decision if:

a)

Marginal cost is greater then marginal benefit

b)

Marginal cost is less than marginal benefit

c)

Marginal benefit is greater then marginal cost

d)

Marginal benefit is less then marginal cost

63.

What best reflects the goal of a consumer?

a)

To acquire the largest possible quantity of goods.

b)

To acquire the largest possible variety of goods.

c)

To maximize utility.

d)

To save money.

64.

The definition of the law of diminishing marginal utility

a)

As more units are consumed the marginal utility falls.

b)

As more units are consumed the marginal utility increases.

c)

As price decreases quantity demanded increases.

d)

As price increases consumers are willing to pay more.

65.

What is a reward or penalty used to encourage people to behave in certain ways?

a)

Specialization

b)

Consumer sovereignty

c)

Incentive

d)

Competition

66.

What is a positive incentive?

a)

Rewards incentives that make people better off.

b)

Penalties that make people worse off.

67.

What is a negative incentive?

a)

Rewards incentives that make people better off.

b)

Penalties that make people worse off.

68.

Compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth it

a)

Incentives

b)

cost-benefit analysis

c)

Positive economics

d)

Normative economics

69.

An example of how a Business Incentive MOTIVATE Workers to do their best is

a)

offer "employee of the month" reward

b)

threatening them with getting fired

c)

reduce a workers pay

d)

None of these

70.

What is an incentive?

a)

encourages specific behavior and helps to motivate an individual to take specific action

b)

a bribe to make you afraid

c)

an offer to make a deal that causes worry if you do not act a specific way

d)

none of these

71.

An example of how a Business Incentive MOTIVATE Consumers to buy their product is

a)

offer "children eat free" with paid adult at a restaurant

b)

threatening a customer with no more merchandise

c)

place fear into customer to buy or get a price increase

d)

None of these

72.

What is an example of a Government incentive to a PRODUCER?

a)

Move your company to a third world country and pay less taxes.

b)

Create an energy efficient building for your company and pay less taxes.

c)

Create more jobs outside the United States and receive a tax break.

d)

None of these

73.

The government will encourage citizens (employees) to save for retirement by

a)

threatening employees to pay more taxes if they do not save all of their pay check

b)

creating commercials with tax payer money

c)

None of these

d)

allowing employees to create a 401K (retirement savings) account that reduces their taxes

74.
What are the benefits of international trade for nations?
a)
Increased isolation
b)
Access to a larger variety of goods and services
c)
Decreased competition
d)
Reduced economic growth
75.
What does it mean for a nation to have a comparative advantage in production?
a)
It can produce a good at a lower opportunity cost than other nations
b)
It can produce more goods than any other nation
c)
It has the most advanced technology
d)
It has the largest workforce
76.
List the common types of trade barriers.
a)
Tariffs, quotas, standards, and subsidies
b)
Free trade agreements, open markets, and globalization
c)
Import licenses, export bans, and trade unions
d)
Currency exchange, inflation, and interest rates
77.
How can trade barriers benefit domestic producers?
a)
By increasing foreign competition
b)
By reducing the cost of raw materials
c)
By protecting them from foreign competition
d)
By increasing the availability of foreign goods
78.
What is the role of the ports of Savannah and Brunswick in Georgia's economy?
a)
They are primarily used for military purposes
b)
They facilitate international trade and boost the local economy
c)
They are used for recreational activities
d)
They are the main source of agricultural production
79.
How do changes in exchange rates affect international trade?
a)
They have no impact on trade
b)
They can make exports cheaper or more expensive
c)
They only affect domestic trade
d)
They stabilize global markets
80.
List the factors that can cause changes in exchange rates.
a)
Interest rates, inflation, and political stability
b)
Population growth, climate change, and cultural trends
c)
Technological advancements, education levels, and urbanization
d)
Language diversity, historical events, and geographical location
81.
What are the effects of currency appreciation on a nation's economy?
a)
It makes exports more competitive
b)
It makes imports cheaper and exports more expensive
c)
It leads to higher inflation
d)
It reduces the purchasing power of consumers
82.
How does currency depreciation affect net exports?
a)
It decreases net exports by making them more expensive
b)
It increases net exports by making them cheaper
c)
It has no effect on net exports
d)
It stabilizes net exports
83.
What are the costs to consumers of imposing trade barriers?
a)
Lower prices for goods
b)
Reduced variety and higher prices for goods
c)
Increased access to foreign products
d)
Improved product quality
84.
What is the primary measure of economic growth?
a)
Consumer Price Index (CPI)
b)
Gross Domestic Product (GDP)
c)
Unemployment Rate
d)
Inflation Rate
85.
How is real GDP different from nominal GDP?
a)
Real GDP is adjusted for inflation, while nominal GDP is not.
b)
Real GDP includes only goods, while nominal GDP includes services.
c)
Real GDP is measured in current prices, while nominal GDP is measured in constant prices.
d)
Real GDP is calculated annually, while nominal GDP is calculated quarterly.
86.
What does the Consumer Price Index (CPI) measure?
a)
The total output of a country's economy
b)
The average change in prices paid by consumers for goods and services
c)
The level of employment in the economy
d)
The amount of goods and services produced by businesses
87.
What are the four types of unemployment?
a)
Frictional, Structural, Cyclical, Seasonal
b)
Frictional, Cyclical, Seasonal, Technological
c)
Structural, Cyclical, Seasonal, Voluntary
d)
Frictional, Structural, Cyclical, Voluntary
88.
What does the unemployment rate indicate?
a)
The percentage of people who are employed
b)
The percentage of the labor force that is unemployed
c)
The total number of people who are unemployed
d)
The number of job vacancies in the economy
89.
Which stage of the business cycle is characterized by a decrease in economic activity?
a)
Expansion
b)
Peak
c)
Recession
d)
Recovery
90.
During which phase of the business cycle does economic activity reach its highest point?
a)
Trough
b)
Expansion
c)
Peak
d)
Recovery
91.
What economic condition is indicated by a rising CPI?
a)
Deflation
b)
Inflation
c)
Stagnation
d)
Recession
92.
Which stage of the business cycle follows a recession?
a)
Peak
b)
Trough
c)
Expansion
d)
Contraction
93.
What is the formula for GDP?
a)
GDP = C + I + G + (X - M)
b)
GDP = C + S + T + (X - M)
c)
GDP = C + I + T + (X - M)
d)
GDP = C + I + G + T
94.
What does a decrease in the unemployment rate typically indicate?
a)
A shrinking labor force
b)
Economic growth
c)
Increased inflation
d)
A decrease in GDP
95.
What happens during the trough phase of the business cycle?
a)
Economic activity is at its lowest point
b)
Economic activity is at its highest point
c)
Economic activity is rapidly increasing
d)
Economic activity is rapidly decreasing
96.
How does inflation affect the purchasing power of money?
a)
Increases purchasing power
b)
Decreases purchasing power
c)
Has no effect on purchasing power
d)
Stabilizes purchasing power
97.
What is the primary role of the Federal Reserve's Board of Governors?
a)
Supervising individual bank branches
b)
Implementing tax policies
c)
Overseeing the entire Federal Reserve System
d)
Managing international trade agreements
98.
What is the dual mandate of the Federal Reserve?
a)
Currency stability and economic growth
b)
Trade balance and inflation control
c)
Price stability and full employment
d)
Taxation and deficit reduction
99.
What effect does a lower federal funds rate have on the economy?
a)
Decreases consumer spending
b)
Increases borrowing and spending
c)
Raises interest rates on savings
d)
Reduces inflationary pressures
100.
What type of unemployment occurs when there is a mismatch between workers' skills and job requirements?
a)
Frictional Unemployment
b)
Cyclical Unemployment
c)
Structural Unemployment
d)
Seasonal Unemployment
101.
What is frictional unemployment?
a)
Unemployment due to long-term industry changes
b)
Unemployment when workers are between jobs
c)
Unemployment caused by economic recessions
d)
Unemployment due to seasonal changes
102.
What is cyclical unemployment?
a)
Unemployment that increases during economic downturns
b)
Unemployment resulting from technological advances
c)
Unemployment due to personal choice
d)
Unemployment caused by holidays and seasons
103.
A lifeguard or snow ski instructor during the off seasons would be an example of which type of unemployment?
a)
Frictional unemployment
b)
Structural unemployment
c)
Cyclical unemployment
d)
Seasonal unemployment
e)
None of the above; they are not in the labor force
104.
What is the purpose of the Federal Open Market Committee (FOMC)?
a)
To oversee banking regulations
b)
To set the discount rate
c)
To manage the nation's monetary policy
d)
To establish fiscal policies
105.
The cost of borrowed money, usually expressed as a percentage.
a)
interest
b)
savings plan
c)
scarce
d)
purchase
106.
This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.
a)
compound
b)
sinking
c)
annual
107.
This term refers to the original amount of a loan OR the original amount of money invested. 
a)
Principal
b)
Interest
c)
Rebate
d)
Fixed Rate
108.

What is a credit score?

a)

a three-digit score that tells lenders how much money you make each year.

b)

A five-digit numerical rating that reflects how likely you are to repay your debt.

c)

A three-digit numerical rating that reflects how likely you are to repay your debt.

d)

A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts

109.

What is a budget?

a)

A plan for how money will not be used

b)

A plan for how money will be used

c)

The amount you spend

d)

The amount you save

110.

What is this?

a)

Credit history

b)

Credit card

c)

Credit score

d)

None of the above

111.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
112.

The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns

a)

1040

b)

1099

c)

w4

d)

w2

113.

What is the relationship between risk and return when it comes to investments?

a)

Lower Risk = Higher Reward

b)

Higher Risk = Lower Reward

c)

Lower Risk = Lower Reward

114.

Check all that apply...Which of the following are services offered by both banks and credit unions.

a)

Checking Accounts

b)

Savings Accounts

c)

Roth IRAs

d)

Credit Cards

115.

The purpose of life insurance is to replace one's __________ upon death.

a)

Legacy

b)

Income

c)

Wealth

d)

Home

116.

Insurance product that covers claims that others place against you:

a)
Liability insurance
b)

Umbrella insurance

c)

Long-term disability

d)

Term Life Insurance

117.

Insurance product that provides extra coverage over other accounts:

a)

Liability insurance

b)

Long-term disability

c)
Umbrella insurance
d)

Term Life Insurance

118.

Insurance is how one transfers _______ from your bank account to insurance companies

a)

Reward

b)

Money

c)

Risk

d)

Loss

119.

The amount of money one pays for an insurance policy:

a)

Deductible

b)

Premium

c)

Co-payment

d)

Coverage

120.

The amount of protection offered to a customer on an insurance policy:

a)

Deductible

b)

Co-payment

c)

Coverage

d)

Grace period

121.

What kind of auto insurance would cover a loss due to something other than a collision?

a)

Uninsured

b)

Comprehensive

c)

Collision

d)

Liability

122.

Which is usually the best kind of health insurance in terms of cost and coverage?

a)

Federally-backed plans

b)

Employer-subsidized plans

c)

Marketplace-share plans

d)

Individually-funded plans

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