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Economics and Personal Finance MCQs

Total questions: 81

Worksheet time: 41mins

Name
Class
Date
1.

What is scarcity?

a)

Limited resource

b)

Unlimited resource

c)

Limited wants on

d)

No choices exist

2.

Which is a factor

a)

Human capital

b)

Sunlight only

c)

Gravity

d)

Luck

3.

Opportunity cost

a)

Next best alternative

b)

Total money spent

c)

Bad decision

d)

Savings only

4.

Which economic

a)

Traditional

b)

Market

c)

Command

d)

Mixed

5.

A point outside the

a)

Unattainable

b)

Efficient

c)

Inefficient

d)

Wasted resource

6.

Law of Demand

a)

Price ↑ → Qd ↓

b)

Price ↑ → Qd ↑

c)

Price ↓ → Qd ↓

d)

Qd unchanged

7.

Which shifts dem

a)

Income

b)

Technology only

c)

Number of seller

d)

Resource costs

8.

A price ceiling be

a)

Shortage

b)

Surplus

c)

Equilibrium

d)

Shutdown

9.

A price floor abo

a)

Surplus

b)

Shortage

c)

No change

d)

Market collapse

10.

When supply inc

a)

Decreases

b)

Increases

c)

Stays same

d)

Becomes zero

11.

A sole proprieto

a)

Unlimited liability

b)

Limited liability

c)

No taxes

d)

Multiple owners

12.

Perfect competiti

a)

Many sellers ident

b)

One seller

c)

Few sellers

d)

Differentiated go

13.

Real GDP accou

a)

Inflation

b)

Taxes

c)

Exports only

d)

Imports only

14.

Unemployment r

a)

Unemployed ÷ Labor Force

b)

Labor Force ÷ Unemployed

c)

Employed ÷ Population

d)

Jobs ÷ Workers

15.

Cyclical unemplo

a)

Recessions

b)

Booms

c)

Seasonal jobs

d)

Job switching

16.

Federal Reserve

a)

Interest rates

b)

Tax collection

c)

Imports

d)

Minimum wage

17.

Buying bonds by

a)

Expansionary

b)

Contractionary

c)

Fiscal policy

d)

Trade policy

18.

A budget deficit i

a)

Spending > Revenue

b)

Revenue > Spending

c)

GDP doubled

d)

Inflation stopped

19.

Comparative adv

a)

Lower opportunity cost

b)

Higher production

c)

More resources

d)

More workers

20.

A tariff is

a)

Tax on imports

b)

Limit on exports

c)

Ban

d)

Subsidy

21.

A quota

a)

Limits imports

b)

Taxes imports

c)

Regulates prices

d)

Bans trade

22.

Subsidies help

a)

Domestic producers

b)

Foreign sellers

c)

Consumers only

d)

Banks

23.

A strong dollar m

a)

Cheaper

b)

More expensive

c)

Equal

d)

Illegal

24.

A weak dollar he

a)

Exporters

b)

Importers

c)

Consumers

d)

Banks

25.

Floating exchang

a)

Markets

b)

Government

c)

Congress

d)

Courts

26.

Net exports form

a)

Exports - Imports

b)

Imports - Exports

c)

Exports + Imports

d)

GDP - Imports

27.

Georgia’s Port of

a)

Containers

b)

Oil

c)

Cars only

d)

Coal

28.

Specialization in

a)

Productivity

b)

Inefficiency

c)

Scarcity

d)

Inflation

29.

Embargo is

a)

Complete ban on trade

b)

Tax

c)

Price floor

d)

Limit on moveme

30.

FAFSA is used f

a)

College aid

b)

Car loans

c)

Jobs

d)

Housing

31.

Net worth =

a)

Assets - Liabilities

b)

Income - Expenses

c)

Cash only

d)

Gross pay - taxes

32.

Regressive taxes

a)

More

b)

Less

c)

Same

d)

None

33.

Progressive taxe

a)

More

b)

Less

c)

None

d)

Same

34.

Property taxes fu

a)

Local services

b)

Federal military

c)

Imports

d)

Exports

35.

Gross pay is

a)

Before deductions

b)

After deductions

c)

Take-home

d)

Only salary

36.

A 1040 form is fo

a)

Income taxes

b)

Rent

c)

Car insurance

d)

Employment

37.

Fixed expense

a)

Rent

b)

Groceries

c)

Gas

d)

Clothes

38.

Variable expense

a)

Food

b)

Rent

c)

Insurance

d)

Car note

39.

Budgeting helps

a)

Manage money

b)

Increase taxes

c)

Eliminate income

d)

Reduce wages

40.

Identity theft is

a)

Stealing personal info

b)

Car theft

c)

Loan fraud only

d)

Hacking internet only

41.

Phishing uses

a)

Fake emails

b)

ATM theft

c)

Dumpster diving

d)

Cash scams

42.

BBB helps with

a)

Consumer complaints

b)

Paychecks

c)

Taxes

d)

Insurance

43.

Deductible is

a)

Amount consumer pays before insurance

b)

Amount insurer pays first

c)

Tax

d)

Fee

44.

Premium is

a)

Monthly cost of insurance

b)

Deductible

c)

Copay

d)

Tax

45.

Coverage limit

a)

Max insurer pays

b)

Min consumer pays

c)

Refund amount

d)

Premium

46.

FDIC insures:

a)

Bank deposits

b)

Credit cards

c)

Stocks

d)

Insurance

47.

NCUA insures:

a)

Credit unions

b)

Banks only

c)

Casinos

d)

Investments only

48.

Compound intere:

a)

Faster

b)

Slower

c)

Same

d)

Not at all

49.

APR is:

a)

Yearly cost of cre

b)

Monthly tax

c)

Daily fee

d)

Net income

50.

CD is:

a)

Locked savings

b)

Stock

c)

Loan

d)

Bond

51.

Mutual funds:

a)

Diversified invest

b)

One stock

c)

Only bonds

d)

Savings only

52.

Stocks represent:

a)

Ownership

b)

Debt

c)

Tax

d)

Wage

53.

Bonds represent:

a)

Loan to issuer

b)

Ownership

c)

Insurance

d)

Tax

54.

Ponzi scheme is:

a)

New investor mo

b)

Real profits

c)

Taxes

d)

Government

55.

Pyramid scheme:

a)

Recruitment

b)

Products only

c)

Loans

d)

Tax

56.

Advance fee sca:

a)

Upfront payment

b)

Guaranteed loan

c)

Free gift

d)

Insurance

57.

Pump and dump:

a)

Artificially inflati

b)

Short selling

c)

IPO

d)

Fraudulent bond

58.

Health insurance:

a)

Medical costs

b)

Car repairs

c)

Groceries

d)

Housing

59.

Renters insurance:

a)

Covers belongi

b)

Covers building

c)

Covers landlord

d)

Covers car

60.

Term life:

a)

Set time

b)

Lifetime

c)

One day

d)

Monthly

61.

Whole life:

a)

Lifetime coverage

b)

Short-term

c)

1 year

d)

100 years

62.

Disability insuran:

a)

Lost income from

b)

Car damage

c)

Jewelry loss

d)

Flooding

63.

Flood insurance:

a)

Water damage

b)

Fire

c)

Car crash

d)

Life insurance

64.

Truth in Lending:

a)

Requires disclos

b)

Hides fees

c)

Limits loans

d)

Sets wages

65.

Fair Credit Repo:

a)

Protects credit r

b)

Raises credit sco

c)

Reduces loans

d)

Eliminates banks

66.

Equal Housing A:

a)

Prevents discrim

b)

Stops taxes

c)

Fixes rent

d)

Ends inflation

67.

Dodd Frank Act:

a)

Regulates financ

b)

Creates taxes

c)

Ends trade

d)

Raises wages

68.

Skimming is:

a)

Stealing card info

b)

Dumpster diving

c)

Email scam

d)

Loan forgery

69.

Dumpster diving:

a)

Stealing discarde

b)

ATM fraud

c)

Bank hacking

d)

Job fraud

70.

Data breach:

a)

Unauthorized acce

b)

Car theft

c)

Lost mail

d)

Tax error

71.

Banks provide:

a)

Loans & deposits

b)

Scams

c)

Imports

d)

Taxes

72.

Credit unions off:

a)

Lower rates

b)

Higher fees

c)

No accounts

d)

Scams

73.

Title pawn loans:

a)

Car title as collat

b)

Home deed

c)

Credit score only

d)

Pay stub

74.

Payday lenders c:

a)

High-interest sho

b)

Mortgages

c)

Free loans

d)

Fixed rates

75.

Human capital in:

a)

Education

b)

Taxes

c)

Scarcity

d)

Unemployment

76.

Specialization im:

a)

Efficiency

b)

Inefficiency

c)

Costs

d)

Scarcity

77.

Voluntary trade:

a)

Benefits both sid

b)

Harms both

c)

No effect

d)

Eliminates choice

78.

Inflation is:

a)

General price inc

b)

GDP decrease

c)

Price drop

d)

No change

79.

GDP measures:

a)

Total production

b)

Imports

c)

Taxes

d)

Credits

80.

Insurance provid:

a)

Asset protection

b)

Guaranteed profi

c)

Free coverage

d)

Unlimited money

81.

Shared liability:

a)

Cost split

b)

Insurer pays all

c)

Consumer pays a

d)

Refund required

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