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WorksheetsEconomics Final Exam Review
Total questions: 20
Worksheet time: 10mins
A spending plan is called a
Budget
Tax
Income
Party
The most highly valued opportunity or alternative forfeited when a choice is made
Trade
Specialization
Interdependence
Opportunity Cost
It is easy to go into debt. It is hard to get out of debt.
True
False
Who is this "Father of Communism"?
Karl Marx
Adam Smith
Which Fiscal Policy is the government likely to adopt during a contraction
Easy Money
Expansionary
Tight Money
Contractionary
Michael went to the Shoe Department last night and purchased a new pair of sandals for $35. Which function of money was exhibited here?
Unit of Measurement
Store of Value
Medium of Exchange
Barter
Not being able to have all of the goods and/or services that you want because people have endless wants, but goods and services aren't endless. So people are forced to make choices.
Scarcity
Trade
Standard of Living
Human Resources
Individuals go into debt when they get a loan or buy something on credit. This debt must be paid back plus
debit
credit
investment
interest
In the world today
most economic systems have very little in common.
all economic systems are either pure capitalism or pure command economies.
all economic systems work about the same way.
all economic systems have to make the basic economic decisions
Which of the following is NOT a way the Fed influences the money supply
Decreasing Taxes
Influencing Interest rates
changing the resereve ratio
Buying or selling Goverment securities
Maddie is paid $10 an hour and Jeremy is paid $20 an hour. In economic terms, why is Jeremy paid more than Maddie?
Wants and Needs
Scarcity and Opportunity Cost
Supply and Demand
Corporate and Private
The supervision of bank operations in the United States is conducted by the
the Bank of the United States
the Federal Reserve System
Citibank
White House
In a market economy, the opportunity to make a profit for providing a good or service is called
incentive
inflation
inducement
interest
Which economic principle states that as the price of a good or service increases, the quantity demanded decreases, and vice versa?
Law of Supply
Law of Demand
Law of Diminishing Returns
Law of Opportunity Cost
The main goal of Economists is to discover
how to use scarce resources efficiently
how to create an equitable state tax system
the underlying reasons for unemployment and inflation
why consumers and producers act irrationally
Sophia is starting her own coffee shop. What economic term would best describe Sophia and what does that term mean?
Consumer – a person who uses or consumes goods
Partnership – partner in the lemonade stand
Entrepreneur- - person who takes a risk to start a new company
The main reason people use credit is because they
save money over a long period of time.
want to raise the level of their incomes.
want to enjoy the goods or services now rather than later.
Which type of business in the United States carries out the most sales volume?
sole proprietorships
partnerships
cooperative associations
corporations
