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Economics Review
Test Description: Use your notes to help you answer the question in this review activity.
Instructions: Answer all questions to get your test result.
1) A business owner is an example of a ____________.
A
household sector
B
entrepreneur
C
consumer
D
government sector
2) You can earn interest when you put your money __________.
A
in the government
B
under the mattress
C
in a business
D
in a checking or savings account.
3) Your debt increases when ____________
A
your expenses are more than your income
B
you don't pay your taxes
C
you pay your taxes
D
your expenses are less than your income
4) It is the job of the ______________ to collect taxes.
A
household sector
B
bank sector
C
business sector
D
government sector
5) Which good/service is NOT something provided by the government?
A
highways
B
parks
C
homes
D
schools
6) Opportunity cost is __________________________.
A
the difference between your income and your expenditures
B
the next best choice you make
C
the choice you make
D
the total cost of your expenditures
7) Providing checking and savings accounts is a function of the __________.
A
banking sector
B
government sector
C
business sector
D
household sector
8) Which one of these is NOT an example of an entrepreneur?
A
Two men started Home Depot as a new type of home improvement store.
B
Truett Cathy built a restaurant based soley on chicken ( Chick Fil A )
C
Steve Jobs created Apple Inc. to produce computer software.
D
Mr. Jones bought the materials and built a house.
9) You can save money for short or long term goals when __________.
A
you pay your taxes.
B
your expenses are less than your income.
C
your expenses are more than your income.
D
you don't pay your taxes.
10) Goods and services are produced by the _______________.
A
business sector
B
government sector
C
banking sector
D
household sector
11) Knowing your income is the ________ step in creating a budget.
A
last
B
not a step
C
1st
D
2nd
12) Henry Ford is known for his idea for ___________.
A
checking accounts
B
interest on loans
C
the assembly line
D
private banks
13) Listing all your expenses is the _______ step in creating a budget.
A
last
B
not a step
C
2nd
D
1st
14) Interest is _______________________.
A
a fine charged for not paying your taxes
B
your total expenses
C
a fee charged for borrowing money
D
the difference between your expenses and income
15) BOGO coupons and holiday sales are examples of ____________.
A
services
B
economic choice
C
price incentives
D
opportunity costs
16) Which description is NOT TRUE about the household sector?
A
purchases most goods
B
sells their labor
C
also known as consumers
D
sells most goods
17) Which description is NOT TRUE about the business sector?
A
also known as producers
B
creates manufactured goods
C
wants and needs determine production
D
owns a hot dog stand
18) Which items are considered a capital resource?
A
cotton and oil
B
money and a hammer
C
magazine creator and computer inventor
D
a barber and a construction worker
19) Which of the following would NOT be an example of an opportunity cost?
A
Maggie can choose between chocolate or strawberry ice cream. She chooses chocolate; strawberry would be the opportunity cost.
B
James can choose to read or watch TV. He chooses to read, so watching TV would be his opportunity cost.
C
Maggie can choose between Zaxby's or Wendy's. She chooses Wendy's so Zaxby's is the opportunity cost.
D
James can choose to read or watch TV. He chooses to read, so that would be his opportunity cost.
*select an answer for all questions
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