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- 1. Multiple Choice
Deflation is when prices go up after many years.
True
False
- 2. Multiple Choice
Prices naturally go up because of....
Deflation
Inelasticity
Inflation
Elasticity
- 3. Multiple Choice
The measurement of goods and services (output) is based on the input from time, workers, resources and capital.
Productivity
Scarcity
Monopoly
Invisible Hand
- 4. Multiple Choice
What a country produces is measured by the country's....
Exports
Factors of Production
Labor Productivity
Gross Domestic Product (GDP)
- 5. Multiple Choice
When the U.S. exports (sells goods to another country), our GDP goes up. When the U.S. imports items (buys from another country), our GDP goes down.
True
False
- 6. Multiple Choice
What is the best estimate of our standard of living (the measure of goods and services)?
Gross Domestic Product (GDP)
Oligopoly
Command Economy
Labor Productivity
- 7. Multiple Choice
What is an organized way to provide for wants and needs of an economy?
Resources
Economic Systems
Scarcity
Productivity
- 8. Multiple Choice
What kind of economy is based on traditions and customs of the region?
Command Economy
Market Economy
Traditional Economy
Mixed Economy
- 9. Multiple Choice
What type of economy is solely ran by the government?
Market Economy
Traditional Economy
Mixed Economy
Command Economy
- 10. Multiple Choice
Which type of economy deals solely with buyers and sellers controlling the economy?
Mixed Economy
Market Economy
Command Economy
Traditional Economy
- 11. Multiple Choice
This type of economy has both government intervention along with freedom for buyers and sellers?
Command Economy
Traditional Economy
Mixed Economy
Market Economy
- 12. Multiple Choice
What kind of economy does the U.S. have?
Command Economy
Market Economy
Traditional Economy
Mixed Economy
- 13. Multiple Choice
Federal Reserve System (FED) is the government's central bank and regulates money between American and foreign banks.
True
False
- 14. Multiple Choice
The Federal Reserve System (FED) has ______ to pay off debt.
Reserves
Government Money
Bonds
Resources
- 15. Multiple Choice
When a person decides to buy _____ from the government, they can cash it in for a higher payment. ($5.00 could turn into $6.00 in 10 years)
Command Economy
Reserves
Bonds
Interest
- 16. Multiple Choice
This policy controls the supply of money and the cost of borrowing:
Fiscal Policy
Iron Curtain
Communism
Monetary Policy
- 17. Multiple Choice
Spending and taxation by the government is:
Labor Avenues
Monetary Policy
Fiscal Policy
Productivity
- 18. Multiple Choice
Law of Supply has a positive relationship because:
As the price of a good/service increases, the quantity of goods/services increases & vice versa
At a higher price consumers will demand a lower quantity of a good, at low prices consumers demand more of a good
- 19. Multiple Choice
Law of Demand has a negative relationship because:
At a higher price consumers will demand a lower quantity of a good, at low prices consumers demand more of a good
As the price of a good/service increases, the quantity of goods/services increases & vice versa
- 20. Multiple Choice
All countries depend on each other for products and goods. For example, President Biden put a sanction that stopped us from buying oil from Russia, thus U.S. gas prices are rising.
World Dependence
International Crisis
National Crisis
Global Interdependence
- 21. Multiple Choice
This is when a large number of small businesses compete with similar products. Ex: Online Shopping/Agriculture
Monopoly
Perfect Competition
Imperfect Competition
Oligopoly
- 22. Multiple Choice
This is when a large number of small businesses compete with different kinds of products. (Example: Hair Salons)
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
- 23. Multiple Choice
This is when a small number of businesses compete is an oligopoly. An example of this would be: (CHOOSE 2 ANSWERS)
Facebook
Airline Industries
Hair Salons
Cell Phone Companies
- 24. Multiple Choice
One example of a monopoly is:
Agriculture
Facebook
Hair Salon
Airline Industries
- 25. Multiple Choice
Adam Smith's theory on what controls the economy:
Visible Hand
Semi-visible Hand
No Hands
Invisible Hand
- 26. Multiple Choice
According to Adam Smith, what is the economy guided by?
Market Structures
Self Interest & Competition
Supply & Demand
Monetary and Fiscal Policies
- 27. Multiple Choice
When the demand for a good or service is greater than the availability of the good or service:
Oligopoly
Choice
Scarcity
Global Interdependence
- 28. Multiple Choice
If I decide to go out with my friends instead of studying for my test, what is my opportunity cost?
I did not study; therefore, I will not make good on my test.
I studied, so I should make good on my test.
I went out with my friends.
I was able to build up my socialization skills.
- 29. Multiple Choice
If the Gross Domestic Product (GDP) partially determined by imports and exports. Why would we decide to import goods from China?
Cheaper Prices
Imports do not count against GDP
China gives the U.S. good deals
China's prices are high
- 30. Multiple Choice
The four factors of production are land, labor, capital and entertainment.
True
False
- 31. Fill in the Blank
What is usually ignored and not calculated into a country's Gross Domestic Product (GDP)?
- 32. Multiple Choice
What is the government's main source of income?
Bonds
Taxation
Stocks
Exports
- 33. Multiple Choice
Interest is money that is added to a loan as a fee for borrowing money.
True
False
- 34. Multiple Choice
What are some programs that the government funds? (CHOOSE 2)
Medicaid
Bayou Estuary Foundation
Social Security
Private Schools
- 35. Multiple Choice
When the supply exceeds the demand.
Surplus
Shortage
- 36. Multiple Choice
When the demand is more than the supply.
Surplus
Shortage
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