Economics Final Exam Review (Part 1) Question Preview (ID: 32850)


Econ Final. TEACHERS: click here for quick copy question ID numbers.

Studying how people try to satisfy their unlimited wants with limited resources is called...
a) economics
b) elastic
c) none of the answers
d)

Which of the following is the motivation for producing a good and service ?
a) satisfaction
b) self interest
c) none of the answers
d)

Bill went to the store to buy skim milk. He went to the aisle and noticed there was no skim milk available at this time. This illustrates the concept called...
a) scarcity
b) shortage
c) none of the answers
d)

Individual must make economic choices because resources are...
a) abundant
b) scarce
c) undetermined
d)

Which of the following is an economic right or responsibility?
a) selecting a college
b) paying taxes
c) deciding where to work
d) All of the answers

_______________________is an item given up as the result of an economic decision.
a) opportunity cost
b) increasing cost
c) none of the answers
d)

_________________ presents the final federal budget to Congress at the beginning of the calendar year.
a) Vice President
b) Speaker of the House
c) President
d)

Consumers can choose where they want to work is an example of which economic goal?
a) freedom
b) innovation
c) none of the answers
d)

Ordering products online is an example of a...
a) market
b) store
c) both answers
d)

A ______________ economy is when the government is somewhat involved in the economy.
a) command
b) free market
c) mixed
d)

Employees are not paid fairly or equally is a disadvantage of which economic system?
a) free market
b) command (central planned)
c) none of the answers
d)

Voluntary exchange is principle of...
a) command economies
b) American Free Enterprise System
c) none of the answers
d)

Interstate highway is an example of a...
a) private good
b) public good
c) none of the answers
d)

The Board of Governors oversees the_________________.
a) Federal Reserve
b) Congress
c) none of the answers
d)

Actions the Federal Reserve takes to manage the money supply is called...
a) Fiscal Policy
b) Monetary Policy
c) None of the answers
d)

Production increases and creation of companies will cause an increase of...
a) supply
b) demand
c) none of the answers
d)

Walmart decreases its prices on cheerios because demand has decreased. Their reason for this decision is to...
a) get consumers to purchase the good
b) stop consumers from buying the good
c) none of the answers
d)

The law of________________ states producers will increase supply as prices increases.
a) demand
b) supply
c) none of the answers
d)

As the prices of some goods rise, consumers cut back on the amount of items that they normally purchase and demand for these goods decreases. This describes which concept....
a) income effect
b) substitution effect
c) none of the answers
d)

A production possibilities graph can show the effects of industrialization on the environment. Is this statement true or false?
a) False
b) True
c) none of the answers
d)

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