Economics Exam Review

Question 1

Who is the government agency that collects thefederal taxes?

Accepted Answer

Internal Revenue Service (IRS)

Question 2

Financial gain that a seller makes from abusiness transaction.

Accepted Answer

Profit

Question 3

What is the current minimum wage in SouthCarolina?

Accepted Answer

$7.25

Question 4

Mixed economies are the most common types ofeconomic systems.

Accepted Answer

True

Question 5

The value of the goods or services a workerproduces in a set amount of time.

Accepted Answer

Utility

Question 6

The knowledge and skills gained throughexperience.

Accepted Answer

Human capital

Question 7

Work that is temporary or part-time.

Accepted Answer

Contingent employment

Question 8

What is the economic system in which there is noprivate ownership and little political freedom?

Accepted Answer

Communism

Question 9

Unseen barriers to advancement; may have skillsand experience necessary

Accepted Answer

Glass ceiling

Question 10

Describe the law of supply (if price goes up supply goes . . .)

Accepted Answer

Up

Question 11

Principle that government should not interferein the marketplace.

Accepted Answer

Laisse-faire

Question 12

The willingness to buy a good or service and theability to pay for it

Accepted Answer

Demand

Question 13

What is the most common form of franchises?

Accepted Answer

fast food

Question 14

What is a “service”?

Accepted Answer

Work and activities you perform for money

Question 15

The satisfaction gained from the use of a goodor service.

Accepted Answer

Utility

Question 16

More workers always lead to more productivity,but not always more profits.

Accepted Answer

False

Question 17

Policy that makes it illegal to require workersto join unions.

Accepted Answer

Right to work

Question 18

What is the main goal of capitalism?

Accepted Answer

To promote individuals

Question 19

Strikes continue to be effective today.

Accepted Answer

False

Question 20

What are the fastest growing occupations?

Accepted Answer

medical services

Question 21

The practice of buying goods or services now andpaying for them in the future.

Accepted Answer

Credit

Question 22

What is one way technology has affected thelabor force?

Accepted Answer

all of the above

Question 23

What type of business produces the most goodsand services?

Accepted Answer

Corporation

Question 24

An enterprise that produces goods or providesservices.

Accepted Answer

Business organization

Question 25

List one of the two major changes in the laborforce since 1950.

Accepted Answer

More women, More education

Question 26

Government plays a large role in the freeenterprise system.

Accepted Answer

False

Question 27

Which is not part of the study of economics?

Accepted Answer

Make true, proven predictions based onmathematical data

Question 28

Which of the follow does NOT affect the amountof total interest you will pay on a loan?

Accepted Answer

What the loan is for

Question 29

What are the “three C’s” creditors look at todetermine whether or not to give loans?

Accepted Answer

All of the above

Question 30

What did Karl Marx say was the main conflict insociety?

Accepted Answer

Class- rich vs poor

Question 31

The willingness and ability of producers tooffer goods and services for sale

Accepted Answer

Supply

Question 32

South Carolina is a right-to-work state.

Accepted Answer

True

Question 33

Shares of ownership in the corporation.

Accepted Answer

Stock

Question 34

Nonprofits do not have to pay taxes.

Accepted Answer

True

Question 35

What is the economic system that requiresabsolute obedience to authority?

Accepted Answer

Authoritarian

Question 36

Series of reforms that attempted to revive thecountry’s economy during the Great Depression

Accepted Answer

New Deal

Question 37

What is one problem when trying to studyeconomics mathematically?

Accepted Answer

All of the above

Question 38

Which of the following does NOT influence wagerates?

Accepted Answer

Environmental changes

Question 39

What is the economic system based on the privateownership of land?

Accepted Answer

Capitalism

Question 40

What date do you have to pay your taxes by?

Accepted Answer

April 15

Question 41

Most goods and services come from privateindividuals.

Accepted Answer

False

Question 42

Workers with high productivity usually receivehigher wages.

Accepted Answer

True

Question 43

A plan for how to save and spend your income.

Accepted Answer

Budget

Question 44

What are the limited supplies of materials tosatisfy wants?

Accepted Answer

Resources

Question 45

Supply and demand govern all factors ofproduction.

Accepted Answer

True

Question 46

Describe the law of demand (if price goes up demand goes . . .)

Accepted Answer

Down

Question 47

What is a “good”?

Accepted Answer

Physical objects that you can make and sell

Question 48

Describe the four factors of production

Accepted Answer

Capital, Labor, Land, Entrepreneurship

Question 49

What is a way society uses its scarce resourcesto satisfy its people’s unlimited wants?

Accepted Answer

Economic system

Question 50

The economic resources needed to produce goodsand services.

Accepted Answer

Factors of production

Question 51

What is the chief advantage in a market economy?

Accepted Answer

Freedom

Question 52

Borrowed money that must be repaid withinterest.

Accepted Answer

Loan

Question 53

Who owns the means of production in a marketeconomy?

Accepted Answer

Individuals

Question 54

What is the economic system where the governmentowns some or all of the factors of production?

Accepted Answer

Socailism

Question 55

Part of the profit that the company passes outto the stockholders.

Accepted Answer

Dividend

Question 56

A contract that promises to repay borrowedmoney, plus interest, on a schedule.

Accepted Answer

Bond

Question 57

What is the main goal of mixed economies?

Accepted Answer

Efficiency

Question 58

The payments workers receive in return for work.

Accepted Answer

Wages

Question 59

What type of economy does the United States have?

Accepted Answer

Capitalist

Question 60

The amount of interest you pay will always beset by the bank and will not change.

Accepted Answer

False

Question 61

What consists of all the goods and services thatare necessary for the functioning of society?

Accepted Answer

Infrastructure

Question 62

What model visualizes how all interactions occurin a market economy?

Accepted Answer

Circular flow model

Question 63

Economics is a true science, where you can look at data to formulate rational theories

Accepted Answer

False

Question 64

Even though an item is a necessity, consumerswill not always buy the same amount of it.

Accepted Answer

True

Economics Exam Review

Questions 69

Economics Exam Review

Questions 69