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- 1. Multiple Choice
The total amount of money an employee receives before taxes and deductions.
Net pay
Pay check
Gross pay
Pay stub
- 2. Multiple Choice
Which of the following best describes what we mean by resources in economics?
Natural resources like natural gas and trees
The factors used to produce goods and services
Human resources like workers
The ability to handle a situation
- 3. Multiple Choice
When a motorcycle manufacturer announces that it will no longer make its most popular model of bike, what do you think will happen to the price of the bike?
Increase
Decrease
Stay the same
- 4. Multiple Choice
The money a company receives by providing services or selling goods to customers.
costs
profit
revenue
- 5. Multiple Choice
Which is not a factor of production?
labor
natural resources
capitol
non-profit
- 6. Multiple Choice
What is the best definition of economics?
The study of how governments make decisions regarding public policy
The study of how businesses make money
The study of human society
The study of how society's scarce resources are allocated
- 7. Multiple Choice
What term is used to describe the percent of the labor force that does not have a job but is currently looking for one?
leading economic indicator
full employment
unemployment rate
Structural employment
- 8. Multiple Choice
Inflation is the general increase in price levels.
T
F
- 9. Multiple Choice
A shortcoming of using Gross Domestic Product (GDP) as a measure of the economy, is that it does not include work done at home such as hose renovations.
T
F
- 10. Multiple Choice
Which best describes Gross Domestic Product (GDP)?
monetary value of all final goods and services produced within a nation in a particular year
national income minus all non-income charges against output
monetary value of all economic resources used in producing a year's output.
monetary value of all goods and services, final and intermediate, produced in a specific year.
- 11. Multiple Choice
Christie O’Brien grows tomatoes for home consumption. Which would best describe how this activity would be measured in relation to GDP?
excluded from GDP in order to avoid double counting
excluded from GDP because an intermediate good is involved.
productive but is excluded from GDP because no market transaction occurs.
included in GDP because it reflects production.
- 12. Multiple Choice
Real GDP describes GDP data that have been adjusted for changes in the price level?
T
F
- 13. Multiple Choice
output yo-yo is a term used to describe recurring upswings and downswings in an economy's real GDP over time?
T
F
- 14. Multiple Choice
GDP increases during a recession.
T
F
- 15. Multiple Choice
Economic system where government controls everything.
Market
Mixed
Command
Free enterprise
- 16. Multiple Choice
An increase in competition drives prices down.
T
F
- 17. Multiple Choice
If there is no competition in your market, you would have to charge less for your products to stay competitive.
T
F
- 18. Multiple Choice
People have unlimited wants but there is a limited amount of resources is called
GDP
Out-put rate
Scarcity
Globalization
- 19. Multiple Choice
If the supply of a good is LOWER than the demand, what happens to the price?
It stays the same
Price goes up
Price goes down
- 20. Multiple Choice
Microeconomics focuses on a single firm in a market
T
F
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