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Economic I

Total questions: 108

Worksheet time: 58mins

Name
Class
Date
1.

study of how people try to satisfy their needs through the careful use of scarce resources

a)

Economics

b)

Trade-offs

c)

Wealth

d)

Standard of living

2.

  1. people with all their efforts, abilities, and skills

a)

Capital

b)

Value

c)

Labor

d)

Good

3.

condition of not having enough resources to produce all the things people want

a)

Economics

b)

Scarcity

c)

Wealth

d)

Opportunity cost

4.

worth that can be expressed in dollars and cents

a)

Labor

b)

Value

c)

Standard of living

d)

Scarcity

5.

tangible item that is economically useful or that satisfies an economic want

a)

Economics

b)

Labor

c)

Value

d)

Good

6.

  1. alternative choices made by consumers in the marketplace

a)

Opportunity cost

b)

Wealth

c)

Standard of living

d)

Trade-offs

7.

  1. quality of life based on the ownership of the necessities and luxuries that make life easier

a)

Good

b)

Standard of living

c)

Value

d)

Labor

8.

  1. sum of those economic products that are tangible, scarce, useful, and transferable

a)

Wealth

b)

Standard of living

c)

Capital

d)

Labor

9.

  1. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another

a)

Opportunity cost

b)

Scarcity

c)

Labor

d)

Trade-offs

10.

  1. tools, equipment, machinery, and factories used in the production of goods and services

a)

Wealth

b)

Capital

c)

Standard of living

d)

Economics

11.

  1. The situation in which some necessities have little value while some non necessities have a much higher value is known as 

a)

Paradox of value

b)

Opportunity cost

c)

Trade-offs

12.

  1. Manufactured goods needed to produce other goods and services are called

a)

Nondurable goods

b)

Capital goods

c)

Consumer goods

13.

  1. To arrive at an economic decision, a decision making grid may be used to evaluate 

a)

Productivity

b)

Only durable goods

c)

Alternative choices of action

14.

Division of labor is a characteristic of

a)

Home craft businesses

b)

Assembly line production

c)

Classroom education

15.

  1. The study of economics is important because it enables us to 

a)

describe our standard of living

b)

increase our consumption of consumer goods

c)

become better decision makers

16.

In which year was the Gross Domestic Product at its lowest?

What was the GDP in 1994?

Estimate the percentage increase in GDP between 1990 and 2000.

a)

(9.8-5.9)/5.9 x 100 = 66.102%

b)

7 trillion of dollars

c)

In 1991

d)

9 trillion of dollars

e)

In 1990

17.

Study the graph. Suppose this nation starts with producing all military goods (point A). It then decides to produce a mix of civilian and military goods (point B). What represents the cost of military goods given up?


a)

the vertical distance between point x and point y

b)

the horizontal distance between point z and point E

c)

the horizontal distance between point y and point z

d)

the vertical distance from point A to point

18.
a)

division of labor

b)

specialization

c)

productivity

d)

paradox of value

19.
a)

factories that are available but idle

b)

increases productivity

c)

the availability of additional resources

d)

economic growth

20.



(a)  

21.

Diagram representing various combinations of good and/or services that an economy can produce when all productive resources are fully employed

a)

  • Production possibilities curve/frontier

b)

Service

c)

Want

d)

Capital good

22.

  1. Any good that lasts three years or more when used regularly

a)

Free Enterprise

b)

Need

c)

Durable good

d)

Factor Market

23.

Process of using up goods and services to satisfy needs and wants

a)

Want

b)

Productivity

c)

Factor Market

d)

Consumption

24.

  1. A measure of the amount of goods and services produced with a given amount of resources in a specific period of time

a)

Factor Market

b)

Productivity

c)

Need

d)

Want

25.

Where factors of production are bought and sold

a)

Service

b)

Covers

c)

Must

d)

  • Factor Market

26.

  1. Economy in which consumers and privately owned businesses make the majority of the what, how, and for whom decisions

a)

Should

b)

  • Free Enterprise

c)

Consumption

d)

Product

27.

Basic requirement for survival

a)

Should

b)

Want

c)

Need

d)

Required

28.

  1. Manufactured good that is used to produce other goods and services

a)

Capital Good

b)

Want

c)

Service

d)

Factor Market

29.

  1. Something we would like to have but is not necessary for survival

a)

Want

b)

Durable good

c)

Productivity

d)

Capital Good

30.

  1. Work that is performed for someone

a)

GDP

b)

Financial capital

c)

Service

d)

Benefit

31.

The dollar value of all final goods and services and the most comprehensive measure of a country's total production output

a)

A cost-benefit ananlysis

b)

Its standard of living

c)

Financial capital

d)

Gross Domestic Product (GDP)

32.

  1. A popular model used to illustrate the concept of opportunity cost is

a)

entrepreneurship

b)

the production possibilities frontier

c)

the factors of production

d)

the paradox of value

33.

  1. An economy at its production possibilities frontier is operating 

a)

at full potential

b)

with slow economic growth

c)

as a free enterprise economy

d)

without division of labor

34.

The money used to buy the tools and equipment needed for production is known as

a)

capital goods

b)

the factors of production

c)

wealth

d)

financial capital

35.

Actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of

a)

Trade-offs

b)

Specialization

c)

Economic interdependence

d)

Opportunity costs

36.

  1. form of business organization recognized by law as a separate legal entity having all the rights of an individual.

a)

Interest

b)

Multinational

c)

Corporation

d)

Limited liability

37.

corporation that has manufacturing or service operations in a number of countries.

a)

Multinational

b)

Consumer cooperative

c)

Labor union

d)

Principal

38.

  1. voluntary association that buys bulk amounts of goods on behalf of its members.

a)

Depreciation

b)

Inventory

c)

Principal

d)

Consumer cooperative

39.

  1. business owned and run by one person.

a)

Corporation

b)

Interest

c)

Proprietorship

d)

  1. Labor Union

40.

  1. price paid for the use of another's money

a)

Interest

b)

Multinational

c)

Inventory

d)

  1. Limited liability

41.

investor's responsibility for the debts of a business which is limited by the size of his or her investment in the business.

a)

Proprietorship

b)

Depreciation

c)

Principal

d)

  1. Limited liability

42.

  1. organization of workers formed to represent its members' interests in various employment matters.

a)

Proprietorship

b)

  1. Consumer cooperative

c)

Labor Union

d)

Inventory

43.

  1. money that is borrowed.

a)

Need

b)

Principle

c)

Want

d)

Inventory

44.

  1. non-cash charge a firm takes for the general wear and tear on its capital goods.

a)

Corporation

b)

Depreciation

c)

Interest

d)

  1. Limited liability

45.

  1. stock of finished goods and parts in reserve

a)

Inventory

b)

Interest

c)

Labor Union

d)

Principal

46.

Unlike a general partnership, in a limited partnership 


a)

  1. All partners share equal financial responsibility for the firm's decisions.

b)

The inactive partner has limited liability for the business's debts.

c)

The partners must pay special business taxes.

d)

  1. The business does not end with the death of a partner.

47.

This regulates the sale of stock in a corporation.


a)

labor unions

b)

  1. Securities and Exchange Commission 

c)

Stockbrokers

d)

  1. chamber of commerce

48.

  A merger of corporations involved in different steps of manufacturing or marketing is known as a


a)

  1. multinational merger. 

b)

Horizontal merger.

c)

  1. Vertical merger.

d)

Conglomerate.

49.

Nonprofit organizations may.

a)

issue stock

b)

pay dividends

c)

provide goods and services to members

d)

pay income taxes.

50.

The local chamber of Commerce works to

a)

  1. promote the welfare of its members in the community

b)

  1. for dividends for members. 

c)

protected members from consumer complaints

d)

aid member companies in negotiating with labor unions.

51.

1. How much did Corporation B borrow by selling bonds?

2. Which corporation pays the highest yield per bond?

3. Which bonds are the best investment? Why?

a)

$521,000

b)

$251,000

c)

Corporation A with $52.50

d)

Corporation D. Because it has the highest interest rate (5.8%)

e)

Corporation C with $27.00

52.
a)

Proprietorships

b)

Partnerships

c)

Corporations

d)

Joint ventures

53.
a)

T

b)

W

c)

V

d)

Y

54.
a)

Rank 1

b)

Rank 2

c)

Rank 3

d)

Rank 4

55.
a)

Profit = Business Receipts - Business Expenses: 1603-1416 = 187 (Billion Dollars)

b)

Profit = Business Receipts - Business Expenses: 1907-1679 = 228 (Billion Dollars)

c)

Sole Partnership

d)

Sole Proprietorships

56.

Court-granted permission to an individual or business to cease or delay paying debts.


a)

Net income

b)

  • Credit union

c)

Bankruptcy

d)

  • Nonprofit organization

57.

Organization that promotes the collective interests of its members other than seeking profit for its owners.


a)

Nonprofit organization

b)

Dividend

c)

Proprietorship

d)

  • Cash flow

58.

Business that is owned and run by one person.

a)

Proprietorship

b)

Net income

c)

Credit union

d)

Dividend

59.

Negotiation by a labor union with management over issues such as pay, working hours, and vacation.


a)

Stock

b)

Partnership

c)

Collective bargaining

d)

  • Credit union

60.

Payment of a portion of the corporate earnings to a stockholder.


a)

Cash flow

b)

Dividend

c)

Proprietorship

d)

  • Net income

61.

Financial organization that accepts deposits from and makes loans to members from a company or government agency.

a)

  • Credit union

b)

Collective bargaining

c)

Bankruptcy

d)

Proprietorship

62.

Business that is jointly owned by two or more persons.

a)

Dividend

b)

  • Cash flow

c)

Nonprofit organization

d)

Partnership

63.

Revenues minus expenses, including taxes.

a)

  • Credit union

b)

Proprietorship

c)

Net income

d)

Stock

64.

Sum of net income and non cash charges, such as depreciation.

a)

Collective bargaining

b)

Bankruptcy

c)

Cash flow

d)

Partnership

65.

Ownership certificate in a firm

a)

Stock

b)

Cash Flow

c)

Net Income

d)

  • Dividend

66.

In a general partnership

a)

the business continues, even if one partner dies

b)

partners must pay specific business taxes

c)

  1. partners usually draw up legal papers called articles of partnership

d)

Partners are only liable for the business debt up to the amount of their investment

67.

An advantage of a corporation is that

a)

  1. owners pay fewer taxes than owners of other forms of business.

b)

the business is subject to little government regulation.

c)

owners have limited liability for debt.

d)

owners have direct and immediate control over daily management of the business.

68.

All the following are examples of the government playing a direct role in the economy EXCEPT


a)

  1. public utility regulation

b)

  1. police and fire protection

c)

  1. court system

d)

libraries

69.

Which of the following is not a nonprofit organization?


a)

multinational

b)

  1. producer cooperative

c)

chamber of commerce

d)

Labor union

70.

In its direct role as an economic organization, American government

a)

regulates public utilities

b)

acts as an umpire to make sure the market operates smoothly

c)

owns and manages public utilities

d)

makes grants to people in the form of Social Security

71.

How much did Corporation A borrow by selling bonds?




(a)  

72.

Which corporation pays the highest interest on its bonds?

(a)  

73.

If an investor had $5,000 to invest in bonds from one corporation, which bonds, which bonds should he or she buy? How much interest would be paid on the investment in one year?

a)

Interest= $5,000 x 0.055 x 1=  $275

b)

Interest = Principle x Rate x Time

c)

Interest= $5,000 x 0.058 x 1=  $290

d)

Interest = Principle x Bonds x Time

e)

  • Corporation D bonds because it has the highest interest rate (5.8%)

74.
a)

$2,540

b)

  1. $187

c)

$3,019

d)

$168

75.
a)

W

b)

X

c)

Y

d)

Z

76.

Based on the table, approximately what number of sole proprietorships are engaged in mining?


a)

323,080

b)

3,230,800

c)

1,615,400

d)

  1. 161,540

77.
a)

Proprietorship for large proportion of businesses but create a small proportion of total business revenue


b)

Proprietorship for small proportion of businesses but create a large proportion of total business revenue


78.



(a)  

79.

Alternate choices made by consumers in the marketplace.

a)

Trade Offs

b)

Free Enterprise

c)

Inflation

d)

Conglomerates

80.

Item that is economically useful or that satisfies an economic want.

a)

Conglomerates

b)

Needs/ Neccessity

c)

Cooperative

d)

Good

81.

Market, in which people and firms act in their own best interest to answer the what, how, and for who questions.

a)

Partnerships

b)

Market Economy

c)

Free Enterprise

d)

Inflation

82.

Economy in which competition is allowed to flourish with a minimum of government interference.

a)

Scarcity

b)

  1. Trade Offs

c)

  1. Free Enterprise

d)

Conglomerates

83.

The condition of buying unlimited wants

a)

Cooperative

b)

Inflation

c)

Market Economy

d)

Scarcity

84.

increase in prices reduction purchasing power

a)

Inflation

b)

Partnerships

c)

Conglomerates

d)

Free Enterprise

85.

  1. Businesses run by two or more people

a)

Partnerships

b)

Free Enterprise

c)

Cooperative

d)

  1. Market Economy

86.

a corporation that has at least four businesses, each making unrelated products, none of which is responsible for a majority of it sales

a)

Inflation

b)

Trade Offs

c)

Conglomerates

d)

Needs/ Neccessity

87.

food, clothing, and shelter are defined as

a)

Good

b)

Needs/ Neccessity

c)

Partnerships

d)

Market Economy

88.

  1. A voluntary association of people formed to carry on some kind of economic activity that will benefit its members

a)

Conglomerates

b)

Scarcity

c)

Inflation

d)

Cooperative

89.

Which of the following is NOT a characteristic of a free enterprise economy?

a)

Voluntary exchange

b)

Competition

c)

Public Property 


d)

Government Intervention


90.

Economics may best be defined as a

a)

scientific study of supply and demand

b)

study of efforts to satisfy seemingly unlimited wants with scarce resources

c)

limited description of economic activities

d)

branch of sociology

91.

When two corporations that produce the same kind of product merge, it is known as a:

a)

Horizontal merger

b)

Vertical merger

c)

Conglomerate merger

d)

Hostile takeover

92.

A risk taker in search of profits is an __________.

a)

Consumer

b)

Entrepreneur

c)

Capitalist

93.

  1. A popular model used to illustrate the concept of opportunity cost is 

a)

the production possibilities frontier

b)

entrepreneurship

c)

the paradox of value

d)

the factors of production

94.

  1. The tools, equipment, machinery and factories used in the production

a)

Multinational

b)

  1. Producer Cooperative

c)

Capital

d)

Want

95.

Voluntary association that people helps promote or sell their products

a)

  1. Producer Cooperative

b)

Economic System

c)

Corporation

d)

Nondurable good

96.

  1. Company with manufacturing our service operations in 2 or more countries. 

a)

Nondurable good

b)

Multinational

c)

  1. Fixed income

d)

Opportunity costs

97.

  1. Way of expressing a need

a)

Producer Cooperative

b)

Voluntary Exchange

c)

Corporation

d)

Want

98.

Organized way by which society provides for the wants and needs of its people.

a)

Multinational

b)

Corporation

c)

  1. Nondurable good

d)

Economic System

99.

legal entity having all the rights of an individual.

a)

Voluntary Exchange

b)

Corporation

c)

Opportunity costs

d)

Producer Cooperative

100.

Item that lasts for less than 3 years

a)

Economic System

b)

  1. Opportunity costs

c)

Nondurable good

d)

Durable good

101.

Income, most impacted by inflation.

a)

Fixed income

b)

Nondurable good

c)

Opportunity costs

d)

Capital

102.

Next best alternative use of money, time, or resources. When one choice is made, rather than another.

a)

Corporation

b)

Opportunity costs

c)

Economic System

d)

  1. Nondurable good

103.

When buyers and sellers freely and willingly enter into transactions.

a)

Voluntary Exchange

b)

Corporation

c)

Economic System

d)

Producer Cooperative

104.

Increased competition, higher profits, more better paying jobs, and healthy tax revenues are all benefits of successful

a)

Entrepreneurship

b)

Labor Union

c)

Central planning

d)

Mergers

105.

 Which of the following is not a characteristic of the market economy?

a)

does not provide for everyone's basic needs.

b)

individual freedom to hold the experienced consumers

c)

change directions rapidly in response to new social or economic goals

d)

the consumers play a key role in what is produced.

106.

Land, labor, capital, and entrepreneurs are the

a)

is also supply demand

b)

  1. the results of production

c)

  1. the basis of employment

d)

the factors of production

107.

When corporations involved in different steps of manufacturing or market thing merge is known as a

a)

  1. Vertical merger

b)

Horizontal merger

c)

Hostile takeover

d)

Conglomerate merger

108.

  1. Public utilities are businesses that

a)

our government owned

b)

usually have no competition.

c)

  1. distribute natural resources

d)

  1. are unregulated. 

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