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Final Exam: Econ 25

Total questions: 82

Worksheet time: 41mins

Name
Class
Date
1.
Name:
4 lines
2.
People’s wants are unlimited. This fact means that which of the following is always present?
a)
scarcity
b)
shortages
c)
costs of production
d)
marginal utility
e)
Option 5
3.
the value of the next best alternative that is given up when making a choice
a)
opportunity cost
b)
capital
c)
productivity
d)
services
4.
When Adam Smith wrote about "the invisible hand," he was referring to the power of
a)
central planning committees in nations with command economies.
b)
capitalists to exploit workers and keep them in poverty.
c)
markets would help with their self-interest
d)
custom and tradition in deciding what to produce, how to produce it, and for whom.
5.
Why is scarcity the basic problem of economics? Limited_____vs. Unlimited____!
a)
wants, resources
b)
jobs, skills
c)
goods, services
d)
resources, wants
6.
Which one is NOT a factor that influence credit score?
a)
limit number of credit cards
b)
a larger payment
c)
on time payment
d)
minimum payment,
7.
a method of lowering risk by investing in a wide variety of financial assets
a)
credit card
b)
diversification
c)
savings account
d)
stock
8.
What is the best strategy to make sure you put aside money in savings?
a)
Save whenever you feel like you have a bit of extra cash.
b)
Include savings as a part of your regular monthly budget.
c)
Put aside what you have in your pockets the day before payday.
d)
Pay all your bills first, and save what is left over.
9.
What is an advantage of compound interest?
a)
It reduces the amount of taxes you pay.
b)
It increases your credit score.
c)
It is easier to calculate.
d)
It increases the rate at which your investment grows
10.
Ethel finds herself without a job after her role as court stenographer is replaced by an AI notetaker. Although she looks for a new role, she never finds a new job as a court stenographer.
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
11.
Leslie loses the election and her City Council seat, leaving her without a job and considering what she should do next.
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
12.
Workers are laid off when the local manufacturing plant closes because the product made there isn’t selling
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
13.
A decline in economic activity (and real GDP) over a period of at least six months is called a
a)
contraction
b)
recession
c)
depression
d)
panic
14.
negotiations between an employer and a group of employees usually represented by a labor union, to determine the conditions of employment.
a)
compound interest
b)
labor force
c)
collective bargaining
d)
equilibrium wage
15.
Your credit score would be______affected if you made a late payment.
a)
positively
b)
negatively
16.
What is the group that defends workers by fighting to improve work conditions and benefits?
a)
board of directors
b)
labor union
c)
pto
d)
citizen council
17.
What are the factors of production?
a)
risk and opportunity
b)
wages, salaries, and profits
c)
land, labor, and capital
d)
goods and services
18.
the value of the next best alternative that is given up when making a choice
a)
opportunity cost
b)
capital
c)
productivity
d)
services
19.
What is the opportunity cost of increasing production of x from 2(C) to 3 (D)?
a)
1 unit of X
b)
3 units of X
c)
4 units of Y
d)
11 units of Y
20.
What 3 basic production?'s must be addressed by all economics systems because of scarcity?
a)
Why, Where, When?
b)
What, For Whom, Why?
c)
What, How, For Whom?
d)
When, How, Where?
21.
An economic model, in the form of a line graph, that shows how an economy might use its resources to produce two goods is called
a)
a production possibilities frontier.
b)
a tradeoff.
c)
the law of diminishing utility.
d)
opportunity cost.
22.
A garbage truck driver is an example of which factor of production?
a)
labor
b)
entrepreneurship
c)
capital
d)
land
23.
Iron, minerals, coal and plants are examples of which productive resource?
a)
labor
b)
entrepreneurship
c)
capital
d)
land
24.
Which factor of production would you consider in your (parents)bought you a lawn mower for your lawn mowing business?
a)
labor
b)
entrepreneurship
c)
capital
d)
land
25.
Which factor of production would you consider a cow?
a)
labor
b)
entrepreneurship
c)
capital
d)
land
26.
The ability to make our own economic decisions without interference from the government is called
a)
economic stability.
b)
economic freedom.
c)
economic equity.
d)
economic growth.
27.
Which economic goals are emphasized in a market economy?
a)
economic security and equity
b)
economic stability and security
c)
economic stability and growth
d)
economic efficiency and freedom
28.
Which economic goals are emphasized in a command economy?
a)
economic stability and security
b)
economic stability and growth
c)
economic security and equity
d)
economic efficiency and freedom
29.
The knowledge and skills people gain from education, on-the-job training, and other experiences
a)
financial capital
b)
capital
c)
physical capital
d)
human capital
30.
How many cakes will be demanded at the price of $2
a)
1
b)
5
c)
8
d)
10
31.
Which of the following would NOT cause a decrease in demand
a)
a decrease in the price of this good
b)
a decrease in consumer income
c)
a decrease in the price of a subsitute
d)
an increase in the price of a complement
32.
When demand decreases, what happens to equilibrium price and quantity in the market?
a)
Price Increase, Quantity Increase
b)
Price Increase, Quantity Decrease
c)
Price Decrease, Quantity Decrease
d)
Price Decrease, Quantity Increase
33.
What economic law states the following? "When a good's price is higher, business will sell more "
a)
Law of Supply
b)
Law of Comparative Advantage
c)
Law of Demand
d)
Law of Diminishing Marginal Returns
34.
Which of the following would NOT cause an increase in supply?
a)
Prices of resources
b)
There are advances in production technology
c)
The number of sellers of the product decrease
35.
When supply decrease, what happens to equilibrium price and quantity in the market?
a)
Price Increases, Quantity Increase
b)
Price Increases, Quantity Decrease
c)
Price Decreases, Quantity Decrease
d)
Price Decreases, Quantity Increases
36.
A price floor of $700 would result in a surplus of _____ units.
a)
3,000
b)
4,000
c)
5,000
d)
7,000
37.
A price ceiling of $300 would result in a _______ of 4,000 units
a)
shortage
b)
surplus
38.
The price of cream, an input of oreos, increases. Which graph represents the Oreo market?
a)
Graph A
b)
Graph B
c)
Graph C
d)
Graph D
39.
The price of Coke, a sub for Pepsi, decrease. Which graph represents the Pepsi market?
a)
Graph A
b)
Graph B
c)
Graph C
d)
Graph D
40.
The government decides to subsidize dairy farming. Which graph represents the market for milk ?
a)
Graph A
b)
Graph B
c)
Graph C
d)
Graph D
41.
Lebron James begins endorsing beanie babies. Which graph represents beanie baby the market?
a)
Graph A
b)
Graph B
c)
Graph C
d)
Graph D
42.
During economic contractions, what is generally happening to the unemployment rate?
a)
Increasing
b)
Decreasing
c)
No change.
43.
During economic contractions, what type of unemployment would increase?
a)
Seasonal
b)
Structural
c)
Frictional
d)
Cyclical
44.
Which tax structure takes a larger percentage
a)
Proportional
b)
Progressive
c)
Regressive
45.
Goods that are bought and used together are
a)
complementary goods
b)
substitute goods
c)
subsidy
d)
supple curve
46.
Consumer tax on a specific kind of merchandise, such as tobacco.
a)
Supply Curve
b)
Supply Shifter
c)
Subsidy
d)
Excise Tax
47.
The point at which the quantity of a product demanded by consumers in a market equals the quantity supplied by producers
a)
disequilibrium
b)
market equilibrium:
c)
quantity demand
d)
price controls
48.
If a country experienced an increased standard of living, it's GDP would most likely______.
a)
increase
b)
decrease
c)
stay the same
49.
Which of the following is a tight money policy?
a)
Increased rate of growth of the money supply
b)
Reductions in corporate and personal income taxes
c)
Reductions in interest rates
d)
The selling of securities by the Federal Reserve
50.
Increasing tax rates and decreasing government spending are fiscal policy tools.
a)
expansionary
b)
contractionary
51.
Which of the following would NOT be included in GDP?
a)
haircut
b)
buying shampoo
c)
buying stock (100 shares)
d)
stylist working at the saloon
52.
Inflation:
a)
Always reduces the cost of living
b)
Always reduces the standard of living
c)
Reduces the price of products
d)
Reduces the purchasing power of a dollar
53.
According to the law of demand, a decrease in price
a)
Shifts the demand curve to the left.
b)
Shifts the demand curve to the right.
c)
Does not shift the demand curve, but results in a movement ALONG the demand curve to the left.
d)
There will be no change.
54.
Unexpected inflation will have the biggest impact on people
a)
who live on a fixed income
b)
who have entry-level jobs
c)
who have money in the stock market
d)
who have fixed-rate loans
55.
In general, wage rates are determined by
a)
taxes and government spending.
b)
politics and religion.
c)
supply and demand
d)
network
56.
How would the Fed adjust the discount rate to encourage banks to make more loans?
a)
Increase the discount rate
b)
decrease the discount rate
c)
leave the discount rate untouched
57.
One cause of inflation is...
a)
consumer demand decreases, and the law of demand is not obeyed.
b)
the money supply is tightened, so there is less money in circulation.
c)
business inventories grow, and there is a surplus of goods and services.
d)
costs of production rise, so producers have to raise prices.
58.
The Fed would ______ the growth of the money supply if it wanted to decrease economic activity
a)
slow
b)
accelerate
c)
maintain constant
59.
When tax revenues exceed expenditures, the government has a ____________, and when expenditures exceed tax revenues, the government has a ___________.
a)
surplus, deficit
b)
deficit, surplus
c)
debt, surplus
d)
surplus, debt
60.
What is the formula for calculating GDP?
a)
C + I + G+ NX
b)
C + I -G - NX
c)
C- I - G - NX
d)
C+ I+ G- NX
e)
61.
Which of the following is the best example of increasing human capital?
a)
Buying stocks in a growing company
b)
Saving money in a high-interest bank account
c)
Gaining a professional certification or new job skills
d)
Purchasing real estate to rent out for income
62.

If the government sets a price ceiling below the equilibrium price, what is the likely result?

a)

A shortage

b)

A surplus

c)

No effect

d)

An increase in supply

63.

Which of the following is considered a factor of production?

a)

Exports

b)

Interest rates

c)

Inflation

d)

Labor

64.

What happens to the equilibrium price if demand increases and supply remains unchanged?

a)

Price increases

b)

Price stays the same

c)

Price decreases

d)

Price fluctuates randomly

65.

Which of the following is an example of a regressive tax?

a)

Corporate tax

b)

Property tax

c)

Income tax

d)

Sales tax

66.

What is the main purpose of diversification in investing?

a)

To increase risk

b)

To decrease returns

c)

To maximize taxes

d)

To reduce risk

67.

Which productive resource includes the tools and machines used to produce goods?

a)

Land

b)

Labor

c)

Entrepreneurship

d)

Capital

68.

Which of the following is most likely to increase your credit score?

a)

Paying bills on time

b)

Applying for multiple loans at once

c)

Maxing out credit cards

d)

Missing loan payments

69.

If the price of raw materials rises, what is the most likely effect on the supply of manufactured goods?

a)

Supply remains unchanged

b)

Supply decreases

c)

Demand increases

d)

Supply increases

70.

Which of the following is considered a form of human capital?

a)

A factory building

b)

A college degree

c)

A plot of farmland

d)

A delivery truck

71.

Which of the following best describes a good that can replace another in consumption?

a)

normal good

b)

complementary good

c)

inferior good

d)

substitute good

72.

If the price of a resource used to make bread increases, what is likely to happen to the supply of bread?

a)

Demand increases

b)

Supply stays the same

c)

Supply decreases

d)

Supply increases

73.

What is the main reason people must make choices about how to use resources?

a)

Resources are unlimited

b)

Wants are limited

c)

Scarcity exists

d)

Prices are fixed

74.

Which of the following is an example of expansionary fiscal policy?

a)

Increasing government spending

b)

Raising interest rates

c)

Imposing higher taxes

d)

Decreasing the money supply

75.

If the price of a substitute good increases, what is likely to happen to the demand for the original good?

a)

Supply increases

b)

No change in demand

c)

Demand decreases

d)

Demand increases

76.

Which of the following best describes the concept of scarcity?

a)

Limited resources and unlimited wants

b)

Unlimited resources and limited wants

c)

Resources are always abundant

d)

Wants are always limited

77.

Which of the following is considered a capital resource in a bakery?

a)

The baker

b)

The oven

c)

The recipe

d)

The flour

78.

If the government imposes a tax on sugary drinks, what is the most likely effect on the market for soda?

a)

Supply increases, price decreases

b)

Demand increases, price increases

c)

Demand decreases, price decreases

d)

Supply decreases, price increases

79.

Which type of unemployment occurs when workers' skills no longer match the jobs available?

a)

Seasonal

b)

Structural

c)

Cyclical

d)

Frictional

80.

If the government sets a price floor above the equilibrium price, what is the likely result in the market?

a)

Decrease in demand

b)

No effect

c)

Surplus

d)

Shortage

81.

Which of the following best describes cyclical unemployment?

a)

Unemployment from workers switching jobs

b)

Unemployment due to technological advances

c)

Unemployment due to changes in the seasons

d)

Unemployment caused by economic downturns

82.

Which factor of production is represented by a factory building?

a)

Labor

b)

Entrepreneurship

c)

Land

d)

Capital

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