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Economics Final -2025

Total questions: 76

Worksheet time: 51mins

Name
Class
Date
1.
Economic System where there is limited technology and ideas are passed down from generation to generation
a)
Command
b)
Traditional
c)
Mixed
d)
Market
2.
Which of these jobs is involved in production?
a)
Secretary
b)
Factory worker
c)
Truck driver
d)
Zoo keeper
3.
The thing that you give up (the next best alternative) when you make a decision is known as
a)
Opportunity Cost
b)
Scarcity
c)
Incentive
d)
Choice
4.
Term that applies to the ability to buy something now and pay for it later over a period of time (usually with having to pay a finance charge and/or the addition of interest). 
a)
Savings
b)
Profit
c)
Budgeting
d)
Credit
5.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
APR
d)
Finance company
6.
This type of retirement account offered by employers to their employees allows them to set aside tax-deferred income.  Sometimes employers will even match the employee contribution up to a certain amount.
a)
mutual fund
b)
401(k)
c)
Roth IRA
d)
savings
7.
401(k), IRA, and Roth IRA are all examples of a __________ account.
a)
Retirement
b)
College Savings
c)
Low Interest
d)
Stock
8.
This is an obligation of repayment, usually including principal plus interest; any time you owe someone money.
a)
compound interest
b)
emergency fund
c)
APR
d)
debt
9.

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

10.
A card that borrows money but it has to be paid back
a)
Debit Card 
b)
Credit Card 
c)
Baseball Card 
d)
Pokemon Card 
11.
A card that uses money directly from your bank account
a)
Debit Card 
b)
Credit Card 
c)
Pokemon Card 
d)
Baseball Card 
12.
An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over time.
a)
Loan 
b)
Interest 
c)
Income 
d)
Deposit  
13.
In this type of economy, the people decide the supply, demand, and price.  
a)

Market 

b)

Traditional

c)

Command 

d)

Mixed

14.

The amount of money a business makes after its expenses are paid

a)

profit

b)

supply

c)

demand

d)

scarcity

15.

You bought two CDs with your last $30. What is the opportunity cost?

a)

the difference between the cost to make

the CDs and the price you paid

b)

the $30 that you gave the clerk for the

CDs

c)

the movie with your friends that you now

cannot afford

d)

the joy of knowing you are the first to

have these CDs

16.

A free market system has fewer _____ than a mixed economy does.

a)

product markets

b)

business regulations

c)

factor markets

d)

voluntary exchanges

17.

Trees being cutdown to make paper is an example of

a)

Land

b)

Human Capital

c)

Physical Capital

d)

Labor

18.

Jake is deciding on which fast food place to eat at. His options in order are Wendys, McDonalds, and Taco Bell. He chooses to eat at Wendys. What are his trade-offs

a)

McDonalds

b)

Taco Bell

c)

McDonalds and Taco Bell

d)

Wendys and Taco Bell

19.

Chase is deciding on which fast food place to eat at. His options in order are Wendys, McDonalds, and Taco Bell. He chooses to eat at Wendys. What is the opportunity cost?

a)

McDonalds

b)

Taco Bell

c)

Taco Bell and McDonalds

d)

Wendys and Taco Bell

20.

What is the primary role of government in a mixed economy?

a)

To control all production

b)

To regulate and support markets

c)

To provide all goods and services

d)

To eliminate private ownership

21.

Which of the following best describes a command economy?

a)

Decisions are made by central authorities

b)

Decisions are made by market forces

c)

Decisions are made by private businesses

d)

Decisions are made by individual consumers

22.

In a mixed economy, who primarily owns the means of production?

a)

Non-profit organizations

b)

Foreign investors

c)

Private individuals and businesses

d)

The government

23.

This is the type of economy the U.S is currently in

a)

Command

b)

Market

c)

Mixed

24.
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
a)
Free Market
b)
Traditional
c)
Mixed
d)
Command
25.
Katia is an accountant in a government run business where she was placed after graduation.
a)
Command
b)
Traditional
c)
Free Market
d)
Mixed
26.
Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.
a)
Traditional 
b)
Free Market
c)
Mixed
d)
Command
27.

Luke, Zoe, and Sierra are discussing different types of market structures in their economics class. Luke asks, "Which of the following market structures has the most sellers?"

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

28.

Zoe, Jacob, and Sierra are discussing the cell phone market. They note that 5 cell phone makers control about 85% of the market for cell phones. In what market structure are these companies operating?

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

29.

Evan and Andrew noticed that many companies make clothing, but some brands can charge more because of perceived status or quality. This places them in which market structure?

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

30.

Which market structure has the least competition in the marketplace?

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

31.

In a small town, there are only a few companies that sell internet services. This market structure is known as:

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

32.

Andrew, a business owner, is considering the legal process of incorporation for his new venture. What type of business structure is he opting for?

a)

Non-Profit

b)

Franchise

c)

Corporation

d)

Partnership

33.

Collin and Tyler are planning to start a business together. They want something easy to set up and that does not require a lot of legal documentation. What type of business structure should they consider?

a)

Non-Profit Organization

b)

Not-For-Profit Organization

c)

General Partnership

d)

Franchise

34.

Jenn, a business owner who prefers to maintain complete control of all business activities, might consider structuring her venture as a(n):

a)

sole proprietorship

b)

general partnership

c)

franchise

d)

corporation

35.

When producers offer more of a good as its price increases and less as its price falls, this defines the

a)

law of demand

b)

law of supply

c)

change in demand

d)

change in supply

36.

The willingness and ability of a producer to make a product is referred to as

a)

quantity supplied

b)

quantity demanded

c)

supply

d)

demand

37.

Movement along a supply curve demonstrates

a)

a change in quantity supplied

b)

a change in quantity demanded

c)

a change in supply

d)

a change in demand

38.

The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?

a)
b)
c)
d)
39.

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

a)
b)
c)
d)
40.
The Law of Supply states:
a)
as price increases, supply increases
b)
as prices decrease, supply increases
41.

Which of these best describes the law of demand?

a)

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

b)

if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

c)

there is no law of demand, each situation is unique and demand and prices cannot be predicted

d)

prices will go up for certain goods when quantity demanded goes up and vice versa

42.

The quantity demanded of a good or service changes at all price levels best describes the concept of

a)

change in quantity demanded

b)

elasticity

c)

change in demand

d)

demand curve

43.
The diagram represents a
a)
increase in demand
b)
decrease in demand
44.
The phrase "a change in demand" most directly implies a 
a)
movement along the curve
b)
movement along the price curve
c)
change in quantity demanded of a good
d)
shift in the demand curve
45.

When the price of good A rises, people start to drink good B. In this case, what is good B considered?

a)

luxury good

b)

complementary good

c)

substitute good

d)

normal good

46.

A decrease in the average incomes of consumers will result in which of the following?

a)

A decrease in the demand for goods and services

b)

An increase in the demand for goods and services

c)

A decrease in the supply of goods and services

d)

An increase in the supply of goods and services

47.

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.

b)

Price goes down, qty demanded goes up.

c)

Price goes up, demand goes down.

d)

All answers are correct.

48.
What caused this to happen?
a)
Decrease in income
b)
Increase in Income
c)
Increase in price of substitute
d)
Decrease in price of complement
49.

An increase in Demand is located by moving from point ________ to point_________

a)

Moving from A to B

b)

Moving from A to C

c)

Moving from C to A

d)

Moving from B to A

50.

If prices rise and income stays the same, what is the effect on demand?

a)

More complements are purchased

b)

Less substitutes are purchased

c)

Fewer goods are bought.

d)

More goods are bought.

51.

Which explains why a supply line is upward sloping?

a)

the Law of Demand states there is an indirect relationship between price and quantity

b)

the Law of Supply states there is a direct relationship between price and quantity

c)

the Law of Supply compares marginal costs and marginal benefits in a constant rate

d)

the Law of Demand shows a positive relationship between two goods, creating the slope

52.

Sales tax is an example of a regressive tax. How can a state make their sales tax less regressive?

a)

by placing the tax on only services

b)

by placing the tax on necessities

c)

by placing the tax on luxury goods

d)

by placing the tax on all goods

53.

Federal Reserve raises key interest rates

a)

Maintaining the Legal & Social Framework

b)

Maintaining competition

c)

Providing Goods and Services

d)

Correcting Externalities

e)

Stabilize the Economy

54.
A market failure is best described as
a)
The idea that market forces of supply and demand always provide the maximum benefit for society
b)
The idea that market forces of supply and demand do not always provide the maximum benefit for society
c)
The concept that a decision made by one party can have negative effects on another party
d)
The concept that a decision made by one party can have positive effects on another party
55.

Coins and paper bills make up the _____ of the United States.

a)

barter

b)

currency

c)

debt

56.

The _____ is the central bank of the United States.

a)

Financial institutions

b)

Federal Reserve System

c)

District Banks

57.

_____ is the changing of the money supply to create economic growth.

a)

Monetary policy

b)

Fiscal year

58.
How many Federal Reserve districts are there?
a)
1
b)
5
c)
7
d)
12
59.

Which is a main goal of the Federal Reserve?

a)

Create a high level of inflation

b)

Create a stable, healthy economy

c)

Print currency for American citizens

d)

Develop new laws for the United States

60.
In a recession, the Fed would likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of the money in the economy
61.
The primary role of the Federal Reserve Bank is to steer the economy by
a)
controlling the budget
b)
setting spending levels.
c)
controlling the money supply.
d)
loaning out money.
62.
Influencing the economy by changing the reserve requirement is called:
a)
Fiscal policy
b)
Monetary policy
c)
Tight Money
d)
Easy Money
63.

What is the purpose of Fiscal Policy?

a)

contribute to economic growth and stability

b)

keep rich people from getting too rich

c)

functions exactly like Fiscal Policy

d)

give Congress and the political parties more control of the economy

64.

During economic crisis, the primary role of the Federal Government is to promote a healthy economy by...

a)

controlling the budget

b)

setting spending levels

c)

manipulating taxes and government spending

d)

loaning out money

65.

Which of the following is an example of an oligopoly?

a)

Several large airlines dominate the air travel industry

b)

Each local bakery sets its own unique recipes and prices

c)

Many farmers sell identical wheat in a market

d)

A single company controls all electricity in a city

66.

When you choose to spend your money on a new phone instead of a concert ticket, what is the opportunity cost?

a)

The time spent shopping for the phone

b)

The value of the phone

c)

The concert experience you gave up

d)

The money you spent on the phone

67.

Which market structure is characterized by many sellers offering similar but not identical products?

a)

Perfect Competition

b)

Monopoly

c)

Oligopoly

d)

Monopolistic Competition

68.

Which of the following is an example of a complementary good?

a)

Shirts and pants

b)

Peanut butter and jelly

c)

Tea and coffee

d)

Milk and juice

69.

Which type of business structure allows owners to share profits and responsibilities, but does not provide limited liability?

a)

Corporation

b)

General Partnership

c)

Franchise

d)

Sole Proprietorship

70.

What is the main characteristic of a mixed economy?

a)

Tradition determines all production and distribution

b)

Only private businesses control the economy

c)

All economic decisions are made by the government

d)

Both government and market forces influence economic decisions

71.

Which of the following would most likely cause an increase in the quantity supplied of a product?

a)

A decrease in consumer demand

b)

An increase in the market price

c)

A decrease in production costs

d)

An increase in the price of a substitute good

72.

What is the main effect of a decrease in consumer income on the demand for normal goods?

a)

Demand increases

b)

Supply increases

c)

Supply decreases

d)

Demand decreases

73.

Which of the following best describes opportunity cost?

a)

The amount of money spent on a good

b)

The value of the next best alternative forgone

c)

The price paid for a product

d)

The total benefits received from a choice

74.

Which of the following best describes a command economy?

a)

Supply and demand determine prices

b)

Tradition guides production and distribution

c)

Private individuals own all resources

d)

The government makes all economic decisions

75.

What is the main reason for the existence of opportunity cost in economics?

a)

Government intervention

b)

Scarcity of resources

c)

Unlimited resources

d)

Market competition

76.

Which market structure is characterized by a single seller dominating the entire market?

a)

Monopolistic Competition

b)

Perfect Competition

c)

Oligopoly

d)

Monopoly

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