WorksheetsSummer Final Practice part 1 2025
Total questions: 15
Worksheet time: 8mins
Newspaper states "US Officials announce new subsidies for the agricultural industry" What is the intended effect on US agriculture?
Intended to reduce the level of competition domestically.
Intended to help farmers meet demand.
Intended to increase profits by raising prices
Intended to encourage imports to lower domestic costs
For market economy, which is correct?
Free enterprise, opportunity to profit motivates businesses
Government directs production in command economies not free enterprise
Free enterprise systems have high competition, and you get higher prices
Free enterprise investors should expect stock to decrease.
What advantage is there to investing in one mutual fund instead of one company's stock?
Mutual funds signify ownership in a company.
Diversifying investments can reduce risk of loss.
Mutual funds provide dividends
Diversifying investments increases short term returns.
Which year would the economy be the healthiest?
2008, with unemployment of 8%, and 1% inflation
2010, with 10% unemployment, and 5% inflation
2012, with 6% unemployment and 1% inflation
2014, balance between low unemployment and low inflation
High inflation is threatening economic growth, What's the best way to reduce inflation?
increase government spending and taxes
increase government spending decrease taxes
decrease government spending, increase taxes
decreasing both government spending and taxes
The Smith family earns $10,000 per month. They want to increase their savings but they cannot earn more money at this time. What is the most responsible expense to reduce?
Mortage $2000
Food $2000
Entertainment $2000
Savings $500
Car Payments $1000
Utilities $400
car payments
entertainment
utilities
mortgage
What's the best year for a consumer to take out a 5 year loan to buy a car?
1970 inflation fell from 1970-1972. Change benefits lenders
1972, inflation began to rise in 1972 then rapidly in 1973 inflation benefits borrowers
1975, inflation fell following 1975. Change benefits lenders
1977, inflation rose following 1977
Two friends each spend $500 to buy an Xbox. Aaliyah used her savings, and Mateo used his credit card with a rate of 24.99%. Matero plans to pay the minimum of 3% each month. How will the amount the two friends paid differ??
Aaliyah will pay more because Mateo received a discount by using his credit card
Mateo will pay more because he has to pay interest on his credit card.
Aaliyah will pay more because she has to pay sales tax
Mateo will pay more because Aaliyah gets a discount for cash.
Tax Cuts and Jobs Act (TCJA) reduced corporate tax rates, income tax rates, and doubles estate tax exemption.
The Infrastructure and Investment Jobs Act (IIJA) authorized $1.2 trillion in government spending on transportation, energy and broadband.
What was the intention of these policies?
reduce domestic competition
combat inflation
promote economic growth
lower prices for consumers
