WorksheetsFinal Exam Review- Chapters 1-5
Total questions: 41
Worksheet time: 22mins
Economics is the study of how people
choose from limited resources to meet their wants and needs.
govern a country.
gain knowledge and skills from studying.
calculate their income.
We all want more stuff than we have the resources to get. This concept is called
Specialization
Productivity
Profit
Scarcity
Who's the "Father of Economics"?
Friedrich Engels
Vladimir Lenin
Karl Marx
Adam Smith
The more we have of something, the less satisfaction we get from it. This is called what?
Murphy's Law
Opportunity Cost
Microeconomics
The Law of Diminishing Marginal Utility
When a family decides to move to a different apartment, what type of economics is involved?
Macroeconomics
Microeconomics
Reaganomics
Nanoeconomoics
When the government decides what income tax rate to assign to wealthy Americans, what type of economics is involved?
Macroeconomics
Microeconomics
Nanoeconomics
Reaganomics
When people make choices, they give up something. The thing they give up is called what?
Factor of Production
Resources
Opportunity Cost
Efficiency
What type of economic system do we use in America?
Command Economy
Traditional Economy
Pure Market Economy
Mixed Economy
Which of the following are the 3 Economic Questions that all societies must answer?
What to Produce?
How to Produce Stuff?
When to Produce Stuff?
Who Should Get the Stuff We Make?
Command Economies have been used in which of the following nations?
Cuba
North Korea
The Soviet Union
Viet Nam
What was the original economic system (once used everywhere)?
Traditional
Market
Mixed
Command
If the government is answering all three economic questions, what type of economic system are people there using?
Mixed
Market
Command
Traditional
What's the economic term for people who start businesses to meet previously unmet needs?
Consumers
Managers
Entrepreneurs
Bureaucrats
In a Market Economy, who answers the 3 Main Economic Questions?
Consumers
Producers
Consumers and Producers
The Government
The difference between a good and a service is that a Service is
Something You Can Buy
Something You Can Hold
Something You Do For Someone Else for Money
Never Paid For
The difference between a good and a service is that a Good is
Something You Can Buy
Something You Can Hold
Something You Do For Someone Else for Money
Never Paid For
The term for the dollar value of the goods and services produced in a nation in one year is
Inflation
GDP
Capitalism
Unemployment
Consumers are the people who
Make products
Sell Products
Buy Products
Live in the South
In what economic system are people's work roles the same as their parents?
Traditional
Market
Mixed
Command
The property owned by governments is called
Public Property
Private Property
Stolen Property
Inherited Property
Who came up with the economic theory of communism?
Adam Smith
Karl Marx
Thomas Sowell
Steven Hawkings
The amount of a good that you can get at any and all prices is called
Demand
Supply
Law of Demand
Law of Supply
When inflation is high, but unemployment is low, what will the Fed do?
Raise Interest Rates
Lower Interest Rates
Keep Interest Rates Where They Are
Start Printing Money
When inflation is low but the unemployment rate is high, what will the Fed do?
Raise Interest Rates
Lower Interest Rates
Print Lots of Money
Leave Interest Rates the Same
The amount of donuts that buyers want from Dunkin Donuts at various prices is called
Demand
Law of Demand
Supply
Law of Supply
How is fiat money unlike commodity money?
Fiat Money is no longer used in America
Commodity Money has no value other than as money
Fiat Money is only valuable because the government says so
Most nations use commodity money today
Why are cryptocurrencies, such as Bitcoin, still an issue today?
It's not durable.
It's not scarce.
It's not easily divisible.
It's not widely accepted.
In America today, what type of money do we use?
Fiat Money
Representative Money
Commodity Money
Beads and Shells
When prices go up for something, consumer demand for the item drops. This is related to
The Law of Supply
Supply
Demand
The Law of Demand
The Federal Reserve has three main goals when managing America's economy. These relate to
Low Unemployment
Healthy Economic Growth
Low Inflation
Quality of Life
The price for Wilson Basketballs drops by 50% in 6 Months. As a result
Demand Will Fall
Supply Will Fall
Supply Will Rise
Demand Will Rise
Who owns credit unions?
People who bank there
Shareholders
All members of the community
The government
Why do credit unions give you lower interest loans than banks do?
Credit Unions are owned by their members so they give the savings back to them.
They don't. S&Ls and credit unions give you the same interest rates.
S&Ls pay their employees better.
Credit Unions don't have to pay as much for utilities.
Which organization helps regulate America's money supply?
The Supreme Court
Better Business Bureau
National Bankers of America
The Federal Reserve
Maybelline Mascara becomes less fashionable. What's likely to happen as a result?
Supply will rise.
Supply will fall.
Demand will rise.
Demand will fall.
The price for new cars goes up by 25% in 3 months. As a result...?
Demand for new cars will drop.
Demand for new cars will rise.
Supply of new cars will drop.
Supply of new cars will rise.
Apple realizes they can charge more for MacBooks, so they make more. This is most closely related to
The Law of Demand
The Law of Supply
Demand
Supply
The place where the quantity of supply and the amount demanded are equal is called
The Law of Supply
Market Price
Supply
Demand
The Person Who Puts Money in a Bank Account is called
Creditor
Depositor
Sucker
Lender
Georgia Boot opens an outlet store in Massena. The average price for work boots in Massena drops by 30%. The price drop resulted from
Greater Supply
Decreased Supply
Greater Demand
Decreased Demand
On a check, who is the "endorser"? The person who
Writes their name on the back of the check.
Wrote the Check.
Makes Payment on the Check.
Printed the Check
