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Social Studies, Business, Other
11th -
12thgrade
Economics Finals Review
19 questions
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- 1. Multiple ChoiceWhich of the following statements about our interaction with the personal finance is not considered to be true?Your present-self impacts your future-selfYou are responsible for your present self and future selfInvesting can help provide future financial securityNone of the Choices
- 2. Multiple ChoiceTrade based on comparative advantage…Makes both trading partners better offIncreases consumption possibilitiesImproves a society’s standard of livingAll the Choices
- 3. Multiple ChoiceWhich of the following characteristics is most likely to help a country become wealthy and prosperous?Location between the Tropic of Cancer and the Tropic of CapricornMassive corruption in the national and local governmentsHaving an abundance of natural resourcesWell-organized system of public education
- 4. Multiple ChoiceWhich of the following would cause the production of possibilities curve showing the production of steel and missiles to shift outward?Rehiring of laid-off steel workersDeveloping a more efficient steel-making processUsing machinery for missile production instead of steel productionUsing all the machinery for steel production instead of missile production
- 5. Multiple ChoiceDiana has one free hour to practice the piano for an upcoming school concert, work at the school library for $11 per hour, or babysit for her neighbor’s 12-year-oldson for $15 per hour. She chooses to practice the piano. What is her opportunity cost of practicing the piano?The opportunity cost would be $26 because she chose not to participate in the other activities.The opportunity cost would be $15 because it would be the most profitable alternativeThe opportunity cost would be $4 because it is the monetary difference between the two alternative choicesWithout knowing the marginal value of practicing the piano, there is no way of knowing the true opportunity cost
- 6. Multiple ChoiceIf the price of nachos increases, which of the following is the most likely to cause?Jalapeno Peppers, a complimentary good, increased in priceCost of inputs (chips, cheese, etc.) have decreasedNachos have become less popularNumber of suppliers of nachos has increased
- 7. Multiple ChoiceA product such as salt has inelastic demand. How will a small increase in price affect the demand for salt?Little to no effect on demandQuantity demanded will decrease significantlyQuantity demanded will increase significantlyDemand will fluctuate between an increase and a decrease
- 8. Multiple ChoiceSouthwest Airlines will not raise its prices without first considering how United and America Airlines will behave. This is probably evidence of their…Price FixingCollusionFinancial IndependenceCompetition
- 9. Multiple ChoiceWhich of the following represents the most likely way in which the government could improve overall wealth and prosperity?Printing an additional $10 million in currencyRefusing to pay debts owed in foreign countriesEffectively enforcing defined property rightsImposing a national minimum wage of $15/hour
- 10. Multiple ChoiceIndividuals who want to earn higher than average incomes should look to enter professions for which…The primary task includes physical laborThere is little in the way of education and training requiredThere are qualified workers in short supplyThere is a dwindling demand for workers
- 11. Multiple ChoiceYour school decides to build a new performing arts center. What is the opportunity cost of the new performing arts center?Cannot be determined without knowing what the next best option was for using the resources that went to the performing arts centerThe cost of building the performing arts center now rather than waiting until the next yearAny other good/service that cannot be provided right now due to resources used for the new performing arts centerThe money used in construction of the performing arts center
- 12. Multiple ChoiceImagine Roland has a t-shirt valued at $40 and he has an opportunity to trade the t-shirt for a pair of boots. Roland will trade the t-shirt for the boots only if he…Thinks he can resell the boots for a higher priceBelieves the inflation rate will be less than 3%Values the boots more than the $40Thinks that the boots will make him look cool
- 13. Multiple ChoiceThe circular flow model illustrates…The workers, entrepreneurs, and owners of land and capital offer their services through a resources marketThat workers, entrepreneurs, and owners of land and capital offer their service through product marketsHow the Federal Reserve boys and sells bonds to stimulate the economyThe structures of both command and capitalist economic systems
- 14. Multiple ChoiceSelect the situation that describes Frictional UnemploymentAn inmate in a federal prison.A woman out of work because her manufacturing job is now done by a robot.Amanwho left his job to look for a better job.A nurse who is laid off due to a slumping economy.A content retired person.
- 15. Multiple ChoiceSelect the situation that describes Cyclical UnemploymentAn inmate in a federal prison.A woman out of work because her manufacturing job is now done by a robot.Amanwho left his job to look for a better job.A nurse who is laid off due to a slumping economy.A content retired person.
- 16. Multiple ChoiceSelect the situation that describes Structural UnemploymentAn inmate in a federal prison.A woman out of work because her manufacturing job is now done by a robot.Amanwho left his job to look for a better job.A nurse who is laid off due to a slumping economy.A content retired person.
- 17. Multiple ChoiceSelect the situation that describes Not in the Labor ForceAn inmate in a federal prison.A woman out of work because her manufacturing job is now done by a robot.Amanwho left his job to look for a better job.A nurse who is laid off due to a slumping economy.A content retired person.
- 18. Multiple ChoiceSelect the transaction that would increase GDPA college student pays rent in an American city.An investor buys a bond from the U.S. Treasury Department.An American company manufactures clothing in Vietnam.A family buys dinner at a restaurant in an American cityA man empties the dishwasher in his own home
- 19. Multiple ChoiceSelect the transaction that would decrease GDPA college student pays rent in an American city.An investor buys a bond from the U.S. Treasury Department.An American company manufactures clothing in Vietnam.A family buys dinner at a restaurant in an American cityA man empties the dishwasher in his own home
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