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Economics Final Exam 2025

Total questions: 102

Worksheet time: 2hrs 48mins

Name
Class
Date
1.

A basic concept in economics is that all resources are (a)   .

Choose from the below words
Scarce
Allocated
Valuable
Renewable
2.

What are the three economic questions?

a)

For whom to produce?

b)

What to produce?

c)

Where to produce?

d)

When to produce?

e)

How to produce?

3.

Which of the following illustrates an opportunity cost?

a)

James has enough money to by both socks and a book.

b)

Alyssa does not have enough time to study for her test.

c)

Jose only has time to study or play soccer.

d)

Lydia does not have enough money to buy a new shirt.

4.

The factors of production (land, labor, capital, and entrepreneurship) are also known as this:

a)

Trade Offs

b)

Environmental Resources

c)

Natural Resources

d)

Productive Resources

5.

What would be THREE reasons for an entrepreneur to start their business?

a)

Profit

b)

Paying taxes to the government

c)

To work for others

d)

Creating/innovating new products

e)

To create jobs

6.

Looking at the PPC graph, which letters are efficient? Click ALL that apply.

a)

A

b)

B

c)

C

d)

E

e)

F

7.

Looking at the PPC graph, which letter(s) are inefficient? Click ALL that apply.

a)

A

b)

B

c)

C

d)

E

e)

F

8.

Looking at the PPC graph, which letter(s) are not possible? Click ALL that apply.

a)

A

b)

B

c)

C

d)

E

e)

F

9.

What is the opportunity cost of moving from 100 clothes to 150 clothes?

a)

50 Clothes

b)

25 Food

10.

Demarco going to his job at Cook Out is an example of which productive resource?

a)

Land

b)

Labor

c)

Entrepreneurship

d)

Human Capital

11.

Public property is land or goods

a)

owned by an individual.

b)

owned by the government.

c)

used for private businesses.

12.

In a mixed market economy, what is a typical way the government can reduce unemployment?

a)

The government can pay for projects to create work.

b)

The government can control factories to provide jobs.

c)

The government can create new farm fields to hire workers.

d)

The government can raise taxes to encourage employment.

13.

In college, people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of (a)  

Choose from the below words
scarcity
specialization
elastic demand
progressive taxation
14.

Which of the following best refers to the cost of producing each additional unit of a particular product?

a)

Fixed Cost

b)

Total Cost

c)

Marginal Cost

d)

Variable Cost

15.

Which of the following best describes factors of production?

a)

The resources necessary to produce goods and services

b)

The number of steps it takes to make a product

c)

The mathematical equations that determine GDP

d)

The goods and services that a country produces

16.

In economics, rational decisions occur when (a)  

Choose from the below words
suppliers lower their prices to inc
marginal benefits of an action equa
a budget is used for spending and s
command economies answer the three
17.

Competition and free enterprise are most common in which type of economic system?

a)

traditional

b)

market

c)

communist

d)

planned

18.

Copyrights, trademarks, and patents are all ways governments try to serve the role of (a)   .

Choose from the below words
Distribute Income
Save market failures
Protect property rights
Provide goods and services
19.

(a)   tends to make economies more efficient.

Choose from the below words
Division of Labor
Marginal Cost
Marginal Benefit
Specialization
20.
Which is a human resource that Ms. Johnson could use for her art gallery?
SSEF1b
a)
Light fixtures to help display the artwork.
b)
A security system to protect the artwork.
c)
Knowledge of trends in modern art.
d)
A series of paintings by a prominent local artist.
21.

When CDs became popular, people stopped listening to tape cassettes. This caused the (a)   curve for tape cassettes to shift (b)   .

Choose from the below words
demand.........right
demand.........left
supply.......right
supply....... left
22.
More sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?
a)
they decrease (curve shifts left)
b)
they increase (curve shifts right)
c)
they stay the same (the curve stays)
23.
What happens to the supply of tobacco products when the government raises the excise tax on cigarettes?
a)
amount supplied increases (shifts to the right)
b)
amount supplied decreases (shifts to the left)
c)
ill not be affected
24.
Where do individuals spend the money they earn?
a)
the factor market
b)
product market
c)
capital market
d)
in individual households
25.
Interdependence and price leadership are characteristics of firms in what kind of market structure?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
26.
Last summer it was so dry that corn could not grow well. Since there will be less corn to sell what will probably happen? 
a)
The price will increase
b)
Stores will not sell any corn
c)
The price will decrease
d)
Stores will lose lots of money
27.
Suppose the downward sloping market demand curve for personal computer companies to reduce the price of personal computers. The MOST likely result of this decrease in price would be that
a)
Consumers would buy fewer personal computers
b)
Producers would produce fewer personal computers
c)
Consumers would buy the same number of personal computers as they did before the price decreased
d)
Consumers would buy a greater number of personal computers
28.
Sharon decided to open a dry-cleaning business. She borrowed some money from her sister and took a loan from the bank. She hired one helper. What is a disadvantage of Sharon's business as described?
a)
No separation of ownership and control
b)
Ease of organizing the firm
c)
Unlimited liability
d)
Double Taxation
29.
Which type of business organization is LEAST able to accumulate capital for investment?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
30.
Which statement reflects the role of prices in a market economy?
a)
They signal producers about how to use scarce resources
b)
They are an obstacle to the efficient flow or resources
c)
They are mostly determined by the government to serve public interests
d)
They are generally ignored by consumers
31.
Which of the following is true about a share holder in a corporation
a)
A shareholder is part owner of that business
b)
A Share holder may not share in the earnings of the corporation
c)
A Share holder may not transfer his his/hare to another party without permission
d)
A shareholder is liable for any debts accumulated by that corporation
32.
In which market structure does a firm have greatest control over its product's price
a)
Perfect competition
b)
Monopoly
c)
Oligopoly
d)
Monopolistic Competition
33.
The law of demand states that as the price increases then 
a)
quantity demanded increases
b)
quantity demanded decreases
c)
demand increases
d)
demand decreases
34.
Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
a)
Prices or availability of substitutes
b)
Prices or availability of complementary goods
c)
Change in the weather or season
d)
Population (Change in the number of buyers)
35.
What causes movement along the supply curve?
a)
Taxes, Subsidies, Regulations, cost of inputs
b)
ONLY a change in price
36.
Which of the following conclusions can be made from the graph?
a)
Technological advances in the computer industry will cause shift to the left
b)
Higher taxes will cause a shift to the right
c)
Expanded markets for computers will cause a shift to the left
d)
Entry of new firms into the computer industry will cause a shift to the right
37.
which describes what has happened in the graph above?
a)
An increase in demand has caused a decrease in equilibrium price
b)
Supply has decreased, causing  an increases in equilibrium price
c)
Demand has increased, causing an increase in equilibrium quantity
d)
The increase in supply has caused an increase in equilibrium quantity
38.

Suppose that the market for coats is described as follows: What is the equilibrium price of coats?

a)

120

b)

100

c)

80

d)

60

39.
The arrows 1 to 2 in this diagram represent which aspect of the economy?
a)
goods and services flow
b)
money flow
c)
taxes
d)
factors of production
40.
If the government set the price at $300, what would be the result?
a)
Surplus of 4,000
b)
Surplus of 2,000
c)
Shortage of 4,000
d)
Shortage of 2,000
41.
Unemployment caused by recession
a)
Structual
b)
Fricional
c)
Seasonal
d)
Cyclical 
42.
This type of budget requires government spending to equal government revenues.
a)
capital
b)
balanced
c)
personal
d)
none of the above
43.
Who is most likely to be hurt by inflation?
a)
someone who borrowed money
b)
a retiree on a fixed income
c)
a business owner
d)
the U.S. government
44.
The formula for GDP is
a)
C+X+G+Y
b)
C-I-G-Xn
c)
C+I+G+NX
d)
I+G-Xn-Xi
45.
Mr. Johns is quitting his job as a teacher and moving in Ohio to take a new job in California. He is
a)
Cyclically unemployed
b)
Seasonally Unemployed
c)
Structurally Unemployed
d)
Frictionally Unemployed
46.
If one wanted to know whether there had been inflation or not, the BEST measure to observe would be the
a)
GDP
b)
Business cycle
c)
CPI
d)
National Dept
47.
The total dollar value of all final goods and services produced within the country’s border in a given year after inflation is taken out of the data.
a)
Nominal GDP
b)
GDP/capita
c)
Gross GDP
d)
Real GDP
48.
An increase in the general level of prices. 
a)
CPI
b)
Deflation
c)
Inflation
49.
If a nation's GDP growth rate is .03% and dropping, the CPI is 1.1% and dropping, and the unemployment rate is 8.7% and climbing, which stage is this nation most likely at?
a)
A
b)
B
c)
C
d)
D
50.
What is one tool that measures the rate of inflation?
a)
GDP
b)
Federal Reserve
c)
unemployment
d)
consumer price index
51.
In a recession, the Fed would likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of the money in the economy
52.
The Federal Reserve
a)
is made up of 12 district banks and 25 branch banks.
b)
is managed by a 12-member board of directors.
c)
is made up of district banks that operate independently from one another.
53.
Which part of the Fed decides when to raise or lower interest rates?
a)
Board of Governors
b)
Advisory Committee
c)
Chairman
d)
Federal Open Market Committee
54.
Taxing & spending to help the economy grow is referred to as
a)
expansionary policy
b)
monetary policy
c)
contractionary policy
d)
budget deficit
55.
Taxing & spending to slow the economy is referred to as 
a)
budget surplus 
b)
monetary policy
c)
contractionary policy
d)
budget deficit
56.
The federal government's overall approach to spending and taxes is called
a)
Physical Policy
b)
Fiscal Policy
c)
Money
d)
Monetary Policy
57.
An example of expansionary fiscal policy would be
a)
cutting taxes.
b)
cutting government spending.
c)
cutting production of consumer goods.
d)
cutting prices of consumer goods.
58.
The Federal government is concerned that economic growth is too high, that it is unsustainable, and that inflation is resulting. Which of the following fiscal policies  might be enacted to reduce inflation?
a)
Increasing taxation
b)
Open market sales
c)
decreasing taxation
d)
Increasing government spending
59.

Which fiscal policy tool would be used if the economy were in a trough?

a)

increase the money supply

b)

increase individual tax rate

c)

decrease the money supply

d)

increase government spending

60.

Which monetary policy tool would speed up the economy?

a)

increasing reserve requirement to decrease the money supply

b)

decreasing income taxes

c)

increasing government spending

d)

decreasing interest paid on reserves to increase the money supply

61.

Which combination of fiscal and monetary policy would speed up the economy?

a)

increase income taxes; increase the money supply

b)

decrease income taxes; increase money supply

c)

increase gov't spending; decrease money supply

d)

decrease gov't spending; decrease the money supply

62.
The new chairman of the National Council of Economic Advisers believe that there is a great risk imposed by US trade deficits. Which of the following recommendations might the chairman make to reduce the trade deficit? 
a)
Increase the exchange value of the dollar
b)
Decrease the tariffs and quotas on foreign products
c)
Increase interest rates
d)
Devalue the dollar
63.
Which of the following is most likely to support Free Trade?
a)
Coca-Cola Corporation
b)
The United Steelworkers of America
c)
The Anti-Globalization Coalition
d)
US Electronic Producers
64.
Viktor Petrovicn is a Russian businessman who does a great deal of business in Serbia.  Currently, one Russian ruble (Currency) will buy 2.4 Serbian dinars (Currency). Viktor is attempting to decide whether to buy a new suit of cloths in Moscow (Rubles) or Belgrade (Serbia) If the exchange rate just changed to one ruble per 2.75 dinars, where should he buy the suit, and why?  
a)
In Serbia because the ruble has appreciated
b)
IN Russia because the ruble has depreciated
c)
In Serbia because the Ruble has deprciated
d)
In Russia because the ruble has appreciated
65.
The united states and Canada have been experiencing a conflict over US restrictions on imported softwood lumber.  Which of the following groups should be most likely to support the US restrictions? 
a)
Canadian lumber firms
b)
US new home buyers
c)
US lumber importers
d)
US Lumber Firms
66.
Many in the US government are concerned about the depreciation of the US dollar. Such individuals would like to increase the value of the dollar.  Which of the following presents the Best argument for or against whether the value of the dollar should be increased.
a)
Yes, Boosting the value of the dollar will increase US Exports
b)
Yes, Boosting the dollar will decrease US Imports
c)
NO, Boosting the dollar will anger foreign consumers and start a trade war
d)
No, Boosting the dollar will increase US imports and decrease US exports
67.
Japan claims that the snow in Japan is different from that experienced elsewhere. Because of this, the country of Japan has produced laws which prevent skis from being imported in the country unless they meet certain specifications. Which of the following terms might describe this type of law?
a)
Tariff
b)
Quota
c)
Standard-based barrier
d)
non-trade related restriction
68.
Japan and South Korea make cars and TVs. The amount of each item that each country can make in one hour can be seen in the following table. Which of the strategies listed below would create a situation in which there more of both products?
                           TVs     Cars
South Korea       100      5    
Japan                  200      100
a)
South Korea makes all the TV sets, and Japan make all the cars
b)
South Korea makes all the Cars, and Japan Makes all the TV sets
c)
South Korea, Makes all TV sets, and Japan gives up fifty TV sets in favor of twenty-five cars
d)
Japan makes all of the cars, and South Korea shifts half its car production to TVs
69.
Tony is about to travel to Denmark on business. While he is there, he hopes to see some of the sites and dine at some fine restaurants. In order to know ho much money he should budget, Tony needs to know how many Danish krones his US dollars are worth. Tony needs to be aware of 
a)
The exchange rate
b)
The current embargoes
c)
International tariffs
d)
Wheter or not the US dollar currently enjoyus a comparative advantage in trade
70.
A tariff is when a _______ is put on an imported good
a)
Tax
b)
Limit
c)
Block
71.
A block or restriction on trade with another country is called
a)
Tariff
b)
Embargo
c)
Quota
72.
If a country produces one product at a fast pace and can do what they do best and trade for the rest, this is called what?
a)
Specialization
b)
Currency Exchange
c)
Tariff
73.
Government payments to a local supplier to reduce the supplier costs. This helps local businesses survive because it is getting direct aid from the federal government. What is this called?
a)
Balance of trade
b)
protectionism
c)
exchange rate
d)
subsidy
74.

What is an exchange rate?

a)

The rate at which goods are exchanged between two countries

b)

The price of one nation's currency in terms of another's

c)

How many US dollars you can exchange for RMB at Travelex

d)

The price of goods in terms of a foreign currency

75.

What is a multinational corporation?

a)

BUSINESS ORGANIZATIONS WHICH HAVE MANUFACTURING UNITS IN THE HOME COUNTRY (COUNTRY OF ORIGIN) AND FACTORIES OR PRODUCTION UNITS IN HOST COUNTRIES.

b)

BUSINESS ORGANIZATIONS WHICH HAVE BRANCHES ACROSS THE WORLD AND MANUFACTURE IN ONE COUNTRY.

c)

BUSINESS ORGANIZATIONS THAT SELL PRODUCTS NATIONALLY AND PRODUCE IN ANOTHER COUNTRY, A HOST COUNTRY.

76.
What would be the BEST title for the list below
-Flat Land in Southern Georgia
-Hot Summers and Cool Winters
-Many Agricultural Products Peanuts, Pecans, Vidalia Onions, and Timber
-Deep Water Ports
a)
Piedmont Region
b)
Blue Ridge Region
c)
Coastal Region
d)
Appalachian Plateau
77.
What is the MAJOR ADVANTAGE to Georgia businesses of having access to the Port of Savannah? 
a)
It has access to both deep-water ports for large cargo ships and interstate highways.
b)
It has the longest continuous dock in the eastern United States and access to Brunswick's airport.
c)
It is in close proximity to Savannah's Hartsfield-Jackson International Airport and international cargo ships.
d)
It has a ferry service available seven days a week from River Street and also has easy access to interstate highways.
78.
In what way are Georgia's deep-water ports and Hartsfield-Jackson International Airport similar
a)
The both operate at a fiscal loss each year.
b)
They are both operated by the Federal government.
c)
They are each located in the Coastal Plain Region of Georgia
d)
They each receive imported goods and they both export goods
79.

How do the transportation systems benefit Georgia? Check all that apply.

a)

They allow Georgia to participate in national and global markets.

b)

They help Georgians travel around the country with ease.

c)

They bring in billions of dollars in revenue.

d)

They provide many jobs to Georgians.

80.

The PPC shows how many airplanes and pizzas Country A and Country B can produce with a certain number of workers. Which Country should produce Pizzas?

a)

Country A

b)

Country B

c)

Both Country A and Country B

d)

Neither Country A nor Country B

e)

We cannot determine this

81.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
82.

Credit can be defined as a tool to...

a)

allow you to purchase things without paying for them

b)

let you make a quick purchase when you don't have enough money

c)

provide guilt free money

d)

to buy something now and pay for it later

83.

The amount of money you borrow before interest is the....

a)

Principal

b)

Interest

c)

Rate

d)

Time

84.

The type of interest rate that stays the same for the life of the loan or account is....

a)

Fixed Interest Rate

b)

Introductory Interest Rate

c)

Variable Interest Rate

85.

What is an introductory apr rate?

a)

An introduction to the credit card

b)

A fee charged

c)

The interest rate of a specified period.

d)

A lower 'teaser' rate offered for a short period to tempt you to borrow

86.
What does APR stand for?
a)
Annual purchase rate
b)
Annual percentage rate
c)
Approximate payment rotation
d)
Authorization processing rate
87.

Which of the 5 Cs of credit is represented by the following: owning a boat?

a)

Collateral

b)

Capital

c)

Character

d)

Capacity

e)

Credit History

88.

Which of the 5 Cs of credit is represented by the following: Having more monthly earnings than necessary to cover your expenses

a)

Collateral

b)

Capital

c)

Character

d)

Capacity

e)

Credit History

89.

Which of the 5 Cs of credit is represented by the following: Having a long history of paying your credit cards on time, and not spending past their limits

a)

Collateral

b)

Capital

c)

Character

d)

Capacity

e)

Credit History

90.
Why do women need to save more money than men for retirement?
SSEPF2d
a)
They tend to live longer on average.
b)
Women still earn less than men in some jobs.
c)
Women take time off from their jobs to have/raise children.
d)
All of the above.
91.
A system to make financial loss more affordable by transferring it from individuals to large groups is called :
SSEPF5
a)
Investing
b)
Insurance
c)
Trading
d)
Saving
92.
Financial institution licensed to receive deposits and make loans.
SSEPF2a
a)
bank
b)
credit union
c)
savings house
d)
credit house
93.
A number based on information in a consumer’s credit report that measures an individual's credit worthiness.
a)
credit score
b)
credit card
c)
financial report
94.

Which of the following have an impact on your credit score?

a)

How much current outstanding debt you have (amount owed)

b)

Length of credit history (how long you've used credit)

c)

Payment history

d)

All of the above

95.

An example of a PROGRESSIVE TAX is a .....

a)

Property Tax

b)

Sales Tax

c)

Income Tax

96.

When you need to use your insurance, the amount you are expected to "Chip in" before insurance goes into effect is called a

a)

Contribution

b)

Deductible

c)

Payout

d)

Premium

97.

Having a college degree often results in

a)

Higher worker earnings

b)

Compound interest

c)

A lower discount rate

d)

A lower credit score

98.

A person that wishes to invest and is looking for the LEAST risk possible should choose which option?

a)

mutual funds

b)

progressive taxes

c)

stocks

d)

savings accounts

99.

Certificates of Deposits are ......

a)

issued by financial institutions and are the most common form of investments.

b)

issued by the federal government and are very attractive forms of investments

c)

issued by state and local governments and are regarded as a safe, tax exempt investment.

d)

issued by corporations and are usually used for long term investments.

100.

Compound interest is ...

a)

interest on the principal amount

b)

interest on the principal plus any earned interest

c)

interest on all the money

d)

interest on your home

101.

Investments where a financial company diversifies and makes investments decisions on behalf of investors?

a)

Mutual Funds

b)

Common Stock

c)

Municipal Bonds

d)

Retirement pensions

102.

Rational Choice is a choice that is made when....

a)

the costs outweigh the benefits

b)

the benefits equal the costs

c)

the benefits outweigh the costs

d)

the costs out weigh everything

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