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Final Exam Review
Final Exam Review
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Questions
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Answers
1
Which is an example of "skilled" labor?
Custodian
Bartender
Doctor
Electrician
2
Domestic Spending is the "butter" portion of guns vs. butter. What is not an example of domestic spending
Spending on schools
Spending on guns
Spending on hospitals
Spending on roads
3
Wage discrimination is paying people differently for the same or similar work based on race, gender, or age
False
True
4
If a business buys way too many teddy bears and can't sell them all it is called what?
????????
Shortage
I don't know
Surplus
5
An entrepreneur is someone who decides how to combine resources to make goods and services
True
False
6
Which is calculated in GDP
final goods
used goods
other
black market economy
7
When JC Penney decided to shut down their McMinnville location, this was an example of what type of decision?
None of the above
Personal
Government
Business
8
If one day Walmart ends up with no competitors and is at the top of the food chain by itself it is an example of
Monopoly
Oligopoly
Monopolistic Competition
Perfect Competition
9
Which is an example of human capital?
Skills
Knowledge
All of the above
Experience
10
The amount of good or service that is available is called "Demand"
True
False
11
If Ralph decides to go to KFC for dinner instead of Taco Bell, that is an example of what type of decision?
Personal
Government
None of the above
Business
12
If Meg has a degree in Engineering but the only jobs available are in Teaching, what type of unemployment would that be?
Seasonal
Structural
Cyclical
Frictional
13
If there is an economic downturn such as covid, which type of unemployment could occur?
Seasonal
Cyclical
Frictional
Structural
14
Which is an example of "unskilled" labor?
Doctor
Electrician
Bartender
Custodian
15
Is healthcare considered a want or a need?
Want
?????????
Need
I don't know
16
If Alex quits one job and takes two weeks before finding another job, this is an example of what type of unemployment?
Seasonal
Frictional
Structural
Cyclical
17
Which answer is NOT an example of physical capital
Robots
Tools
Experience
Technology
18
Who does scarcity affect?
No one
Only rich countries
Everyone
Only poor countries
19
If the County Mayor decides to enforce a mask mandate, this would be an example of what type of decision?
None of the above
Government
Business
Personal
20
Which of these are a group of people who ARE counted in the Labor Force?
Retirees
People unemployed but actively seeking work
Military
Under 16
21
A hair stylist working at a salon would be considered which factor of production?
Land
Labor
Service
Capital
22
If Jacob is a lifeguard but unemployed the rest of the year, this is an example of what type of unemployment?
Structural
Cyclical
Seasonal
Frictional
23
Tax dollars are spent on things such as: military spending, roads, social security, etc.
False
True
24
Congress appoints the Federal Reserve Board.
False
True
25
If Aiden goes to get an Oil Change, are they providing him with a "good" or a "service"
??????
I don't know
Service
Good
26
Oil would be considered which factor of production?
Labor
Land
Service
Capital
27
If a business doesn't order enough clothing items for black friday this is called what?
????????
Surplus
I don't know
Shortage
28
Equilibrium is the point in which the demand for a product or service is equal to the supply of that good or service
False
True
29
What is the minimum wage in the state of Tennessee?
$7.75
$7.00
$7.50
$7.25
30
A ____________ is a physical object that someone produces.
Service
Labor
Good
Capital
31
An example of a command economy would be:
The people in the economy have little to no freedom
The people in the economy are living off the land and barter/trade
The people in the economy have some control but the government will step in
The people in the economy have lots of freedom + no government control
32
A ____________ is the actions or activities that one person provides for another
Capital
Labor
Service
Good
33
Which is an example of "professional" labor?
Bartender
Electrician
Doctor
Custodian
34
What is the official "Tax Day" in America in 2023?
December 31
January 1
August 15
April 15
35
A(n) ________________ cost is the best alternative given up as the result of a decision.
Opportunity
Fixed
Variable
Alternate
36
GDP stands for Gross Diminishing Profit
True
False
37
An example of a mixed economy would be:
The people in the economy have little to no freedom
The people in the economy have some control but the government will step in
The people in the economy are living off the land and barter/trade
The people in the economy have lots of freedom + no government control
38
Which type of income taxes does the United States use?
Progressive
Other
Proportional
Regressive
39
What type of economy does the United States have?
Traditional
Mixed
Command
Market
40
An example of a market economy would be:
The people in the economy have little to no freedom
The people in the economy have lots of freedom + no government control
The people in the economy have some control but the government will step in
The people in the economy are living off the land and barter/trade
41
Economics is the study of how people seek to satisfy their wants and needs by making choices?
False
True
42
An example of a traditional economy would be:
The people in the economy are living off the land and barter/trade
The people in the economy have little to no freedom
The people in the economy have some control but the government will step in
The people in the economy have lots of freedom + no government control
43
What year was the Federal Reserve created?
1900
1954
1910
1913
44
How do you calculate GDP per capita?
GDP/Total Population x 100
GDP/Total Population
Total Population/GDP x 100
Total Population/GDP
45
If Southwest, Delta, American, and United are the big four Airlines and they control the market, this is an example of
Monopoly
Monopolistic Competition
Oligopoly
Perfect Competition
46
Which is an example of "semi-skilled" labor?
Bartender
Custodian
Electrician
Doctor
47
Which answer is NOT one of the three basic economic questions all societies must answer?
What goods and service to produce?
When to produce goods and services?
For Whom to produce goods and services for?
How goods and services should be produced?
48
The amount of good or service that is available is called "Supply"
True
False
49
What does the term "guns vs butter" mean?
Resources are limited
Individuals, Businesses, and Government all make trade offs
Government must choose between military spending vs. domestic spending
Government decisions include opportunity costs
50
What are three things you can find on the black market?
Drugs
Unlicensed weapons
All of the above
Fake Designer Purses
51
Which is NOT one of the three "Factors of Production"
Labor
Service
Land
Capital
52
If Regina goes to the grocery store to get apples, grapes, and strawberries, is she picking up a "good" or a "service"
Good
??????
I don't know
Service
53
_________________ is an economic system in which wealth is distributed evenly amongst an economy.
Capitalism
Socialism
Other
Communism
54
Hollister, American Eagle, Abercrombie & others sell products that are similar but not identical. This is an example of
Monopolistic Competition
Monopoly
Perfect Competition
Oligopoly
55
Is the inflation in the United States currently higher or lower than normal?
Lower
Higher
I don't know
??????????
56
How do you calculate the unemployment rate
Labor Force/Unemployed x 100
Labor Force/Unemployed
Unemployed/Labor Force
Unemployed/Labor Force x 100
