WorksheetsEPF Final 12/25
Total questions: 26
Worksheet time: 13mins
A company wants to manufacture trucks, sports cars, and SUVs, but does not have the capacity to produce all three types of vehicles. They decided to manufacture only SUVs. What economic term applies to trucks and sports cars? EPF.E.1.4
Monopoly
Recession
Opportunity cost
Capital resource
Which of the following options would most likely cause an increase in the demand for a good at this time? EPF.E.1.3
The price of a good is about to rise dramatically in the future
A decrease in the popularity of the good
A decrease in the population
A decrease in disposable income
What does macroeconomics focus on?
Individual businesses and households
The economy as a whole, such as national unemployment and GDP
Prices of specific goods in a single store
How a company sets its wages
Which country is the best example of a planned economy today?
United States
North Korea
Singapore
Australia
A new agricultural machine makes the corn harvest faster and cheaper.
Supply increases
Supply decreases
Demand increases
Demand decreases
Sally works at a private company that must follow government regulations for public safety.
Market
Mixed
Planned
Traditional
A new health study shows that drinking green tea improves memory.
Supply increases
Supply decreases
Demand increases
Demand decreases
What type of cost occurs when a person pays for a piano lesson instead of going to the movies? EPF.E.1.4
Marginal cost
Opportunity cost
Musical cost
Fixed cost
In a market economy, prices are determined by…
Government planners
Supply and demand
International trade laws
A voting system
Which of the following types of businesses is likely to be a monopolistic competitor? EPF.E.1.2
Fast food chains
An automobile manufacturer
A local telephone company
Electric company
What are incentives in economics?
The total amount of goods and services produced by a country
Rewards or punishments that motivate people to act in a certain way
The limited resources that create scarcity
The cost of the next best alternative when making a decision
Why do governments establish rules to control how markets operate?
To give a company total control
To solve problems that affect others, such as pollution
To stop supply and demand
To limit competition
A regulation that limits factory pollution is an example of the government trying to solve:
The control of monopolies
Negative side effects
Price limits
What people want to buy
What is the main way that governments get money to pay for things like roads and schools?
Donations from people
Taxes and fees
Lottery sales
Voluntary contributions
How can North Carolina benefit from trade with other countries?
By buying products it cannot economically manufacture
By avoiding trade completely
By selling only to one country
By refusing to specialize in anything
Which industries in North Carolina compete the most globally?
Local beauty salons
Agriculture, technology, and furniture
Small local stores
Only US-based services
Why does the government apply special taxes to things like cigarettes or gasoline?
To discourage their purchase and raise money
To help people buy more
To eliminate all competition
To simplify taxes
Which of the following options describes what scarcity is in the context of economics? EPF.E.1.4
Needs and wants exceed the amount of available resources
The concept of supply and demand
A social science that deals with people's needs and wants
A limited amount of resources compared to prices
Which of the following options usually occurs during a period of economic expansion? EPF.E.2.3
Decrease in sales and production
Increase in the unemployment rate
Decrease in demand
Increase in production and sales
What is the most important factor in determining how much to save for retirement? EPF.FP.1.1
The individual's credit score
The individual's risk tolerance
The amount of money in the individual's emergency fund
The number of years the individual plans to remain in the workforce
Which element should be included when determining fixed expenses for financial planning purposes? EPF.FP.1.1
Monthly rent or mortgage
Home maintenance
Entertainment
New Jordans
What type of investment is suitable for a person who does not fear possible losses and seeks to obtain large profits? EPF.FP.1.1
Investment fund
Guaranteed bonds
Investing in the stock market
Bank savings account
Jake joins his company's 401(k) plan. How will this action affect his annual personal income? EPF.FP.1.1
His gross salary will increase, but his net salary will decrease
His disposable income will decrease, but his retirement income will increase
His monthly paycheck will increase, but his annual federal tax bill will decrease
The amount in his savings account will decrease, but his disposable income will increase
What is the best advice you can give a friend about using a credit card? EPF.MCM.3.2
Pay the minimum payment each month on time
Pay the full balance on time each month
Use the credit card to withdraw cash from an ATM instead of your debit card, as it is cheaper
Make sure to borrow up to your credit limit, as this will help your credit score
What is the best way to improve your credit score? EPF.MCM.3.2
Make credit card payments on time
Apply for more credit cards
Apply only for VISA cards
Spend more money than you have in your account
Which of the following is NOT considered when calculating your FICO score? EPF.MCM.3.2
Your payment history
The types of credit you are using
The amount of debt you owe
Your income
