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Practice worksheet # 2 EOCT CHAPTERS 1,2 1. Society cannot produce all that it wants, what is this called? a. trade offs b. markets c. scarcity d. opportunity cost 2. Which is not 1 of the factors of production? a. labor b. capital c. land d. ability e. entrepreneurs 3. Which isn’t included in the 3 basic economic questions as it relates to production? a. how b. what c. why d. for whom 4. Economics is the study of trying to satisfy unlimited wants with limited….. a. needs b. wants c. scarcity d. resources 5. Consumers cannot have all they want, this is known as……. a. scarcity b. trade offs c. costs d. inflation 6. _________ costs refer to the cost of the next best choice to choice you made. a. total b. marginal c. opportunity d. fixed 7. Production possibilities frontier shows an economy operating at …… a. it’s best b. it’s worst c. below avg. d. slightly above avg. 8. Which type of good is intended for use by individuals? a. capital b. consumer c. market d. marginal 9. Which type of good is used to make other goods? a. capital b. consumer c. market d. marginal 10. A durable good should last at least_____ years. a. 10 b. 15 c. 3 d. 5 11. A non-durable good will last less than _____ years. a. 1 b. 3 c. 2 d. none are correct 12. This means that productive resources are being used efficiently. a. specialization b. marginal c. productivity d. consumption 13. This means using productive resources to do what they are the best at. a. specialization b. utility c. value d. productivity 14. Economic __________ shows the impact of 1 part of the economy on another. a. independence b. dependence c. semi dependence d. interdependence 15. A location where buyers and sellers deal in economic products is called? a. merger b. market c. bank d. quota 16. This type of economy is based on custom. a. command b. traditional c. market d. socialist 17. This type of economy has the govt making all decisions. a. command b. traditional c. market d. socialist 18. This type of economy allows people and business to make decisions. a. command b. traditional c. market d. socialist 19. This requires sellers to attract customers, make a profit and lower prices a. corporation b. consumer c. commodity d. competition 20. __________ sovereignty refers to the power that buyers hold in our economy a. corporation b. consumer c. commodity d. competition CHAPTERS 3-6 21. A sole proprietorship is owned by … a. 3 b. 2 c. 4 d. 1 22. Partnerships are owned by at least ______ people. a. 3 b. 2 c. 4 d. 10 23. ________ is a type of business that is regarded by law as a separate legal entity. a. conglomerate b. merger c. corporation d. partnership 24. When 2 or more businesses join to create a new business it is called? a. conglomerate b. merger c. corporation d. partnership 25. _______ merger refers to businesses joining together that offer the same product. a. parallel b. vertical c. horizontal d. conglomerate 26. _______ merger refers to businesses in different stages of production joining. a. parallel b. vertical c. horizontal d. conglomerate 27. In order to qualify as a conglomerate a firm must own at least____ businesses. a. 2 b. 4 c. 3 d. 5 28. _______ economics is the study of small units in the economy. a. macro b. international c. micro d. supply 29. Demand includes all of the following except? a. desire b. ability c. willingness d. need 30. The law of demand states that as price increases demand will? a. increase b. decrease c. remain constant d. not be impacted 31. Demand elasticity shows how demand changes b/c of a change in _______. a. supply b. labor c. mergers d. price. 32. The ability and willingness to offer products for sale at a variety of prices. a. supply b. demand c. cost d. value 33. In the law of supply high prices will result in _________ quantity for sale. a. less b. the same c. more d. equal amounts 34. The elasticity of supply shows how supply is impacted by ___________. a. labor b. materials c. price d. demand 35. The theory of production shows the relationship between the 4 factors of prod. & a. input b. labor c. cost d. output 36. In this production period the only input that can change is labor. a. long run b. home run c. chicken run d. short run 37. In this production period all inputs can change. a. long run b. home run c. chicken run d. short run 38. _______ costs exist even when nothing is being produced. a. total b. marginal c. fixed d. variable 39. _______ costs will change along with production. a. total b. marginal c. fixed d. variable 40. _______ cost are associated with extra production. a. total b. marginal c. fixed d. variable 41. The law of variable proportions states that output will change w/ any change of ? a. cost b. materials c. input d. demand CHAPTERS 6-8 42. Economic _____ help predict future economic behavior based on past events. a. theories b. models c. plans d. ideas 43. _________ equilibrium means that supply is equal to demand . a. supplier b. price c. market d. surplus 44. When supply is greater than demand you have _________ . a. increase b. surplus c. decrease d. shortage 45. When demand is greater than supply you have ________ . a. increase b. surplus c. decrease d. shortage 46. Equilibrium _____ leaves neither a surplus or a shortage. a. supply b. demand c. cost d. price 47. Selling a product at a loss to attract customers is called ? a. discount b. loss leader c. reduction d. sale 48. The legal limit that can be charged for a product is called ? a. profit b. price ceiling c. gross d. net 49. The minimum wage is an example of ? a. poverty b. employment c. price floor d. unemployment 50. Market structure shows the level of _____ in a given industry. a. employment b. wages c. labor d. competition Practice worksheet # 3 EOCT CHAPTERS 6-8 51. _____ competition features a large # of indep. and informed buyers and sellers. a. oligopoly b. pure c. monopolistic d. non price 52. ______ competition is similar to pure comp., except products are not identical. a. oligopoly b. pure c. monopolistic d. non price 53.______ competition uses advertising to increase sales. a. oligopoly b. pure c. monopolistic d. non price 54. _______ is a type of competition that has a few large sellers of a product. a. oligopoly b. pure c. monopolistic d. non price 55. Collusion is when 2 companies agree to fix their _____. a. labor b. production c. price d. merger 56. ________ is defined as having only 1 seller of a product w/ no close substitutes. a. competition b. monopoly c. oligopoly d. market structure 57. ________ is an economic event that impacts an uninvolved third party. a. mediation b. arbitration c. equities d. externality 58. _______ economics deals with large units in the economy. a. supply b. demand c. micro d. macro 59. Collective bargaining involves a meeting between management and ______ . a. owners b. government c. labor d. corporations 60. Mediation and arbitration both involve the use of a _______ to settle a dispute. a. 2nd party b. 3rd party c. 4th party d. 5th party 61. Which of the following is not a category of labor. a. skilled b. unskilled c. semi skilled d. employed CHAPTERS 9-14 62. This is tax on socially undesirable products. a. progressive b. incidence c. property d. sin 63. This is a tax on land and buildings. a. progressive b. incidence c. property d. sin 64. This requires those w/ higher incomes to pay a higher % in taxes. a. progressive b. incidence c. property d. sin 65. This shows who actually pays a tax. a. progressive b. incidence c. property d. sin 66. Which of the following is not an example of a transfer payment? a. schools b. social security c. subsidies d. grant in aid 67. _______ spending means that the govt spends more than it collects in taxes. a. govt b. deficit c. tax d. budget 68. _______ money has a alternative use as a product. a. fiat b. barter c. commodity d. paper 69. Between 1900-1934 people could exchange paper currency for ______. a. silver b. stocks c. gold d. all 3 70. This was established in 1913 to standardize banks and currency. a. National bank b. National reserve c. Federal reserve d. Federal bank 71. The most important function of the Federal Reserve is to set ________. a. savings rates b. wage rates c. percentage rates 72. These are available b/c of a lack of consumption. a. assets b. liabilities c. savings d. stocks d. interest rates 73. Financial ______ include the income and property of a borrower. a. assets b. liabilities c. savings d. stocks 74. Equities are the same thing as _______. a. assets b. liabilities c. savings d. stocks 75. This institution is also known as wall street. a. S&P 500 b. NYSE c. NASDAQ d. DOW-JONES 76. This institution provides information on over the counter stocks. a. S&P 500 b. NYSE c. NASDAQ d. DOW-JONES 77. This institution is the most popular measure of stock performance. a. S&P 500 b. NYSE c. NASDAQ d. DOW –JONES 78. This institution reports on stocks from all exchanges. a. S&P 500 b. NYSE c. NASDAQ d. DOW-JONES 79. This measures the output of all goods and services inside a country w/ in a year. a. NNP b. GNP c. GDP d. OPP 80. Products that are used to make other products are called ______ products. a. secondhand b. production c. intermediate d. factory 81. This is a measure of the performance of all American owned companies. a. NNP b. GNP c. GDP d. OPP CHAPTERS 15-19 82. Real ___ per capita shows the $ amount produced for all in the economy. a. NNP b. GNP c. GDP d. OPP 83. This phase of the business cycle shows economic decline of at least 6 months. a. peak b. trough c. recession d. depression 84. This is a severe form of a recession. a. peak b. trough c. expansion d. depression 85. Which of the following is not a type of unemployment. a. seasonal b. peak c. frictional d. cyclical 86. This is a general rise in the level of prices. e. technological a. inflammation b. infection c. inflation d. indwelt 87. This is a general decrease in the level of prices. a. defection b. deflation c. detection d. dejection 88. Stagflation is a combination of no economic growth and ______. a. deflation b. expansion c. inflation d. contraction 89. The misery index is a combination of inflation and _______ rates. a. interest b. employment c. unemployment d. wage 90. When a country can produce more of a product b/c of its resources. a. quota b. comparative advantage c. tariff d. absolute advantage 91. When a country can produce more of a product b/c of efficiency. a. quota b. comparative advantage c. tariff d. absolute advantage c. tariff d. absolute advantage 92. This is a tax on imports. a. quota b. comparative advantage 93. Exchange rates deal with ______ . a. stocks b. bonds c. currency d. tariffs 94. This economic system allows for private ownership of the factors of production. a. communism b. capitalism c. socialism d. both a & c 95. This economic system allows the govt to own some of the factors of production. a. communism b. capitalism c. socialism d. b & c 96. This economic system features the govt owning all of the factors of production. a. communism b. capitalism c. socialism d. a & b