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FBLA TEST PREP FOR ECONOMICS 1
Multiple Choice
Identify the choice that best completes the statement or answers the question.
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1. Which of the following is a service?
a. restaurant meal
b. taxi cab ride
c. dry-cleaning fluid
d. concert t-shirt
2. Scarcity is
a. not enough productive resources and unlimited needs.
b. resources to meet all needs.
c. few needs.
d. few products.
3. Productive resources are
a. jobs that produce products.
b. inputs that produce goods and services that people want.
c. available in unlimited quantities.
d. plentiful.
4. Economics is about
a. jobs.
b. money.
c. choices.
d. inexpensive items.
5. The name given to an individual who develops a new product or finds a better way to produce an existing one
for a profit is a(n)
a. worker.
b. manager.
c. entrepreneur.
d. executive.
6. An example of a renewable resource is
a. oil.
b. coal.
c. copper.
d. timber.
7. An example of an exhaustible resource is
a. timber.
b. corn.
c. oil.
d. cotton.
8. The assumption of rational self-interest means
a. people generally will make the best choices for themselves.
b. people only think of others when making choices.
c. that economic choices are limited.
d. that everyone makes the same choices.
9. The name given to a form of economics which examines the factors that influence individual economic
choices and how markets coordinate the choices of various decision makers is:
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a. socioeconomics.
b. microeconomics.
c. choice economics.
d. macroeconomics.
The opportunity cost of a chosen item or activity is
a. how much money it will cost.
b. how many chances you will have to buy it.
c. the value of the best alternative you must up.
d. the cost of the choice.
A cost that you have already incurred and cannot recover is known as a
a. lost cost.
b. positive cost.
c. negative cost.
d. sunk cost.
Of the four types of decision makers in the economy, which one plays the leading role?
a. firms
b. governments
c. households
d. the rest of the world
The name given to a form of economics that focuses on the performance of the economy as a whole,
especially the national economy, is
a. federal economics.
b. microeconomics.
c. consumer economics.
d. macroeconomics.
An opinion
a. is always true depending on who said it.
b. cannot be shown to be true or false by reference to the facts.
c. is a positive economic statement.
d. is rational.
Rational decision makers will change the status quo as long as
a. it is allowed.
b. the expected marginal benefit exceeds the expected marginal cost.
c. the decision to do so is based on the newest economic theories.
d. the expected marginal benefit will not exceed the expected marginal cost.
What legal protections are given to resource owners that allow them the freedom to use their resources as they
see fit?
a. monopolies
b. voting rights
c. property rights
d. economic rights
Which of the following is not true of a pure market economy?
a. Resource owners have property rights.
b. Markets are regulated by the government.
c. Prices guide resources to the most productive use.
d. Markets answer the what, how, and for whom questions.
An example of a public good, in an economic context, would be
a. national defense spending.
b. lower new car prices.
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c. longer library hours.
d. cheaper gas prices.
An economic system in which all resources are government-owned and production is coordinated by the
central plans of government is known as a(n)
a. pure market economy.
b. externalities.
c. centrally planned economy.
d. monopoly economy.
The economy of the United States can be described as a
a. traditional economy.
b. pure market economy.
c. centrally planned economy.
d. mixed economy.
Transitional economies are in the process of
a. privatization.
b. monopoly building.
c. increased central planning.
d. getting rid of private property.
Traditional economies are often shaped by
a. labor unions.
b. customs and religions.
c. communism.
d. markets.
What factor might best help an economy to grow?
a. less immigration
b. labor force increases
c. cleaner air
d. lowering educational standards
The law of comparative advantage helps explain
a. why some products do better than others.
b. opportunity costs.
c. how economists work.
d. why a person talented in many things can get more done by specializing.
Being able to do something using fewer resources than other producers require would give you a(n)
a. monopoly.
b. absolute advantage.
c. comparative advantage.
d. disadvantage.
The best known medium of exchange in the United States is
a. barter.
b. money.
c. stock.
d. bonds.
A division of labor
a. separates tasks.
b. separates men from women.
c. requires every worker to perform the same tasks.
d. separates resources.
____ 28. Certain parts of the United States have a comparative advantage in producing similar goods. Which pair of
factors below would have the greatest affect in creating the advantage?
a. climate, no capital stock
b. cheap labor, climate
c. work force skills, few cities
d. natural resources, capital stock
____ 29. Which type of economy produces the highest standard of living for its citizens?
a. transitional
b. market-oriented
c. traditional
d. centrally planned
____ 30. The most important economic decision maker in market economies is
a. corporate leaders.
b. labor unions.
c. the president.
d. households.
____ 31. It is assumed that households try to increase their level of satisfaction and sense of well-being. This is called
a. utility management.
b. increased effort.
c. utility effort.
d. utility maximization.
____ 32. The Industrial Revolution began in Great Britain around
a. 1650.
b. 1750.
c. 1850.
d. 1950.
____ 33. Suppose that you own a company that silkscreens t-shirts. The cost of producing one t-shirt image is $1.50.
The revenue your earn on each t-shirt is $3.75. What is your profit per t-shirt?
a. $5.00
b. $5.625
c. $2.25
d. $2.50
____ 34. Property rights that protect the writer of a song are known as
a. real property rights.
b. corporate property rights.
c. intellectual property rights.
d. personal property rights.
____ 35. When Adam Smith wrote of the “invisible hand of the market,” he was referring to
a. monopoly.
b. competition.
c. greed.
d. scarcity.
____ 36. The group of laws that reduce anticompetitive behavior and promote competition in the marketplace where
competition is desirable are known as
a. fair laws.
b. trust laws.
c. antitrust laws.
d. business laws.
____ 37. A public utility is
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a. a place that is open to the public.
b. a government-owned and regulated monopoly.
c. an individually owned monopoly open to the public.
d. a corporation.
The function of monetary policy is to
a. ensure uniform currency.
b. determine denomination of money.
c. encourage inflation.
d. regulate the money supply.
By-products of consumption or consumption that imposes costs on third parties are known as
a. negative externalities.
b. exclusive externalities.
c. positive externalities.
d. non-exclusive externalities.
What is the primary source of poverty in the United States?
a. too many poor people
b. large numbers of unemployed people
c. too few college educated people
d. births to single mothers
Social insurance programs tend to
a. redistribute income from rich to poor and young to old.
b. provide automobile insurance.
c. create jobs.
d. increase welfare rolls.
The earned income tax credit
a. causes lower income families to pay a higher income tax.
b. causes middle-class families to get a greater income tax refund.
c. supplements wages to the working poor.
d. supplements wages to the hardest working people in the United States.
What is the most true statement about poverty?
a. People below the poverty level are lazy.
b. It is a relative term.
c. Poverty is the same all over.
d. People can always climb out of poverty through hard work.
If the demand for a product is low and the supply is high, the price will soon be
a. lower.
b. higher.
c. unaffected.
d. double the amount.
Real income refers to
a. how much money you actually earn.
b. your income minus taxes.
c. how many goods and services you can buy.
d. your income minus taxes and benefits.
Which of the following cannot happen to a firm’s total revenue when it lowers it price?
a. Total revenue will grow if many additional products are sold.
b. Total revenue will grow if many fewer products are sold.
c. Total revenue will remain unchanged if there is a proportional increase in the number sold.
d. Total revenue will fall if few additional products are sold.
____ 47. Which of the following parts of a consumer budget would be most price elastic?
a. housing
b. cable
c. telephone
d. automobile
____ 48. One of the reasons consumers choose substitutes is that
a. no one can tell the difference.
b. they are relatively cheaper.
c. they are made in Japan.
d. they are the same price and there are more of them.
____ 49. What accounts for the variety of popular music today?
a. There are a lot of musicians.
b. The different tastes of consumers.
c. Some people have no talent.
d. There are many different instruments.
____ 50. If suddenly a large population increase occurred, what impact would it have on the housing market?
a. Prices would remain constant.
b. There would be a surplus of homes on the market.
c. It would shift the demand curve to the left.
d. It would shift the demand curve to the right.
____ 51. What is the biggest cost of finding a substitute for a product to a consumer?
a. time
b. price
c. scarcity
d. opportunity
____ 52. Which item would provide you with the least marginal utility?
a. a second copy of the daily newspaper
b. a second drink of water when you’re thirsty
c. a second pair of sneakers
d. a second car
____ 53. The market demand curve shows
a. the demand of an individual consumer.
b. the number of markets in a specific area.
c. the total number of markets.
d. the total quantity demanded per period by all consumers at various prices.
____ 54. Elasticity, in economic terms, is another word for
a. adaptability.
b. adjustment.
c. responsiveness.
d. reconciliation.
____ 55. Suppose that at a price of $6 a pound, the quantity of Kobe beef demanded is 1,000,000 pounds, and at a price
of $36 a pound, the quantity demanded is 200,000 pounds. At these prices and quantities, the demand is
a. inelastic.
b. elastic.
c. unit elastic.
d. marginally elastic.
____ 56. The demand for products or services for which there are no substitutes tends to be
a. somewhat elastic.
b. unit elastic.
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c. quite inelastic.
d. perfectly elastic.
What generally leads entrepreneurs to accept the risk of business failure?
a. They are an adventurous group.
b. They enjoy taking a risk.
c. the profit incentive.
d. the supply curve.
Supply indicates how much of a good producers
a. produce.
b. are willing and able to offer.
c. have sold.
d. have yet to sell.
The law of supply states that the quantity supplied is usually related to its
a. color.
b. cost to produce.
c. price.
d. labor costs.
The term quantity supplied refers to
a. the entire supply schedule or supply curve.
b. the supply of all producers in the market.
c. a particular amount offered for sale at a particular price.
d. the number of individual producers.
How does a decrease in price affect a producer?
a. The producer becomes more willing but less able to supply goods.
b. The producer becomes less willing but more able to supply goods.
c. The producer becomes more willing and more able to supply goods.
d. The producer becomes less willing and less able to supply goods.
Elasticity of supply indicates
a. how adaptable the supply is.
b. how responsive producers are to a change in price.
c. how much the product costs.
d. how many products are in stock.
Which statement is most valid?
a. The elasticity of supply typically is not affected by time at all.
b. The elasticity of supply is typically greater the longer the period of adjustment.
c. The elasticity of supply is typically lesser the longer the period of adjustment.
d. The elasticity of supply is typically greater the more of the products that are on hand.
If soybean farmers expect the price of soybeans to decrease soon, which of the following actions would these
farmers most likely take?
a. They would decrease production immediately.
b. They would increase production immediately.
c. They would probably do nothing.
d. They would store most of the soybeans they produce.
Which of the following is NOT a determinant of supply?
a. producer expectations
b. technology used to make the good
c. consumer expectations
d. the number of sellers in the market
Which factor might best influence supply?
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a. consumer expectations
b. worker’s expectations
c. government expectations
d. producer expectations
In competitive markets, a firm’s marginal revenue is the
a. bid price.
b. wholesale price.
c. market price.
d. materials price.
Economies of scale are reflected by
a. rising labor costs.
b. a firm’s long-run cost declines as the firm grows larger.
c. rising raw material costs.
d. a firm’s long-run cost declines as the firm grows smaller.
If a firm’s marginal revenue exceeds its marginal cost, it should
a. increase its production.
b. leave its production the same.
c. decrease its production.
d. close down.
Which of the following is not true of the role of prices in a market economy?
a. Higher prices encourage producers to allocate fewer resources to the production of the
good.
b. Higher prices encourage consumers to economize by finding substitute goods.
c. Higher prices encourage producers to allocate fewer resources to the production of other
goods.
d. Prices help people recognize market opportunities.
The market clearing price is also called the
a. equilibrium price.
b. fair market price.
c. unit price.
d. sale price.
What is an important indicator about the relative scarcity of a product or service?
a. how well known it is
b. the “invisible hand”
c. its cost of production
d. its market price
All of the following reduce demand EXCEPT
a. an increase in consumer income.
b. the number of consumers declines
c. a decrease in consumer income.
d. a decrease in price of a substitute.
What might cause a shift in the supply curve to the right in the grain business?
a. a decrease in the number of farms
b. a technological breakthrough to increase yields
c. an increase in the cost of harvesting grain
d. discovery of a substitute for grain
As long as the demand curve slopes downward, a leftward shift of the supply curve
a. increases supply.
b. increases price and increases the quantity.
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c. increases price but reduces the quantity.
d. decreases demand.
Allocative efficiency occurs when
a. labor works faster.
b. management is well-organized.
c. no raw materials are wasted.
d. firms produce the output that is most valued by customers.
One of the aims of productive efficiency is to
a. have good labor relations.
b. have a good reputation.
c. produce a good or service at the lowest possible cost.
d. use resources wisely.
What is the best example of government interference in markets?
a. establishing product safety features
b. establishing the minimum wage
c. easing immigration laws
d. the federal drug policy
In order to have an effect, a price floor must be set
a. early.
b. above the equilibrium price.
c. late.
d. below the equilibrium price.
All of the following can cause disequilibrium in the market EXCEPT
a. government intervention.
b. supply equals demand.
c. new products are introduced.
d. demand or supply changes.
If a price floor is set above the equilibrium price,
a. there is no effect on quantity supplied.
b. a permanent shortage results.
c. a permanent surplus results.
d. the market forces of supply and demand determine prices.
A surplus causes
a. new workers to be hired.
b. producers to increase their price to the equilibrium price.
c. consumers to pay more for goods.
d. producers to lower their price to the equilibrium price.
Market structures describe all of the following EXCEPT
a. the number of buyers and sellers.
b. how a market is constructed.
c. the ease of entry into the market.
d. the products’ uniformity across sellers.
An example of a commodity would be
a. a one-of-a-kind brand.
b. a book that has a copyright.
c. a bushel of wheat.
d. an automobile.
The ability of a firm to raise its price without losing sales to competitors is called
a. market power.
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b. inflation.
c. profit.
d. equilibrium.
Which statement is the most valid concerning monopolies?
a. All monopolies have high profit margins.
b. Monopolies can lose money.
c. Monopolies are legal.
d. The automobile industry is a monopoly.
Farmers operate in a perfectly competitive market. Why?
a. They are hard working.
b. They can sell their produce directly to consumers.
c. The amount one farmer sells has no effect on the market price.
d. The amount one farmer sells does have an effect on the market price another farmer can
charge.
Firms in monopolistic competition are said to operate
a. with efficiency.
b. with balanced capacity.
c. free of government interference.
d. with excess capacity.
All of the following are true about cartels EXCEPT
a. colluding firms usually produce less.
b. cartels are illegal in the United States.
c. they earn more profits.
d. cartels are usually owned by a single family.
An oligopoly is comprised of how many firms?
a. a few
b. many
c. one
d. most
What act of Congress outlawed the creation of trusts, restraint of trade, and monopolization?
a. Smith Antitrust Act of 1896
b. Sherman Antitrust Act of 1890
c. McCain-Feingold Antitrust Act of 1994
d. Sherman-McCain Antitrust Act of 1988
A joining of Ford, Daimler-Chrysler, and General Motors would be an example of
a. a vertical merger.
b. a traditional merger.
c. a horizontal merger.
d. a conglomerate merger.
Natural monopolies such as electric transmission firms or gas delivery systems are regulated by government
to protect
a. special interests.
b. entrepreneurial interests.
c. public interests.
d. government interests.
What large American corporation was recently found to be a monopoly?
a. General Motors
b. Ford
c. IBM
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d. Microsoft
What large industry was deregulated by the federal government in 1978?
a. the airline industry
b. the auto industry
c. the railroad industry
d. the computer industry
An example of a commodity that could be sold by an undifferentiated oligopoly would be
a. computer printers.
b. a barrel of oil.
c. a gallon of lard.
d. a bar of soap.
An example of a commodity that could be sold by a differentiated oligopoly would be
a. a Ford truck.
b. an ingot of steel.
c. gold bullion.
d. diamonds.
Entrepreneurs are
a. lucky.
b. risk-takers.
c. wealthy.
d. college-educated.
Of the 25 million businesses in the United States, most
a. employ more than 25 people.
b. consist of one self-employed person.
c. will become corporations.
d. will grow into larger businesses.
In order to start or expand a business, the most important thing for an entrepreneur to secure is
a. a good location.
b. a good workforce.
c. financial capital.
d. good management.
An inventor who works for a corporation is sometimes referred to as a(n)
a. entrepreneur.
b. intrapreneur.
c. venture capitalist.
d. stockholder.
Which two are correctly paired?
a. business manager, entrepreneur
b. business owner, entrepreneur
c. stockholders, entrepreneur
d. employees, entrepreneur
All of the following are advantages of sole proprietorships EXCEPT
a. pay lower taxes.
b. limited life.
c. few government regulations.
d. easy to start.
Imagine that you and your friends have formed a partnership where you run the business and bear unlimited
liability. Your friends, on the other hand, provide capital with little liability. This arrangement is known as
a. contractual partnership.
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b. general partnership.
c. negative liability partnership.
d. limited partnership.
A CEO
a. is a stock option proposal.
b. is the person responsible for the management of the business.
c. is a partnership agreement.
d. is the financial officer.
A corporation
a. cannot be found guilty of a crime.
b. can be sued.
c. is usually owned by one person.
d. always makes money.
A charter is
a. a written application seeking permission from the state to form a corporation.
b. a bus contract.
c. a written statement of the purposes of the corporation.
d. the legal authorization to organize a business as a corporation.
All of the following are true about corporations EXCEPT
a. corporations have limited liability.
b. the stock of a corporation must be resold after the death of its major shareholder.
c. they have unlimited life.
d. they can raise revenue rather efficiently.
The Red Cross, National Education Association, and National Mental Health Association are all examples of
a. S corporations.
b. consumer cooperatives.
c. not-for-profit organizations.
d. producer cooperatives.
The derived demand for a resource is based on
a. the cost of raw materials.
b. the number of workers in the labor market.
c. the demand for the final product that is produced.
d. the interest rates charged for business loans.
The equilibrium wage is determined by
a. the supply and demand of labor.
b. the productivity of labor.
c. the willingness of employers to hire labor.
d. prices in the product market.
What is the best illustration of the idea of resource complements?
a. lumber/plastics
b. teachers/parents
c. cab drivers/cabs
d. truck drivers/railroads
Which of the following would not shift a labor supply curve?
a. trend among teens away from working in mall stores
b. increased demand for a product
c. a new law prohibiting any business from operating after 9 p.m.
d. a drastic change in the stock market
Workers who have more education and experience earn more because
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a. they are older.
b. they are supervisors.
c. they are more productive.
d. they are risk-takers.
Which statement is most valid according to recent statistics?
a. Women earn what men earn.
b. Risky jobs pay less.
c. Women earn less than men.
d. Foreign labor is paid at a higher rate.
According to the text, the minimum wage
a. was raised to $6.15 per hour in 2003.
b. was $5.15 per hour in 2003.
c. assures all workers a base yearly income.
d. is particularly helpful to teenagers who are looking for work.
The initial process of negotiating wages, benefits, and working conditions between employer and employee is
known as
a. mediation.
b. arbitration.
c. featherbedding.
d. collective bargaining.
The purpose of a strike is to
a. inconvenience people.
b. stop production.
c. unify consumers.
d. hire more workers.
Studies have shown that union wages are what percent higher than non-union workers?
a. 10 percent
b. 15 percent
c. 20 percent
d. 25 percent
All are reasons for the decline in union membership EXCEPT
a. strikes are fewer and less effective.
b. competition from non-union firms.
c. business owners pay the best wages and offer the best working conditions on their own.
d. changes in the economy.
An example of a nonwage determinant of labor demand would be
a. the cost of other resources.
b. the equilibrium wage rate.
c. the minimum wage rate.
d. alternative uses of resources.
Featherbedding results in
a. improved working conditions.
b. more profit for the business.
c. more workers hired than needed.
d. fewer union workers being hired.
In which of the following employment arenas do unions have the least impact on wages?
a. government
b. construction
c. service industries
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d. transportation industry
People tend to borrow more money
a. during inflationary times.
b. when interest is low.
c. when interest is high.
d. when the government remains neutral.
Loans are made possible by
a. workers.
b. bankers.
c. the government.
d. savings.
Interest is
a. a curiosity.
b. usually high.
c. a reward for not consuming now.
d. in equilibrium.
What would be the effect on the demand for loans curve if the interest rate for borrowing money from a bank
decreased?
a. shift to the left
b. shift to the right
c. no effect
d. movement along the curve
Banks reduce risks to savers by
a. building strong vaults.
b. diversification.
c. charging high interest rates.
d. charging low interest rates.
Because of periods of low sales, businesses need to have access to available cash from a bank. In order to do
this, they establish a
a. credit protocol.
b. line of credit.
c. open credit arrangement.
d. borrowing schedule.
Which factor would account for credit card interest being so high?
a. large balance on the account
b. the abundance of credit cards
c. lack of collateral on the debt
d. lower administration costs
Which statement concerning loans is most valid?
a. Administrative costs are 24% of the loan.
b. All interest derived from loans is taxed.
c. Interest rates on a five-year loan normally are higher than on a one-year loan.
d. All loans are charged the prime rate.
There is a difference between owning a share of stock and owning a bond. Which of the following statements
is most valid?
a. Stocks are less risky than bonds.
b. Stocks have a maturity date.
c. Bonds are less risky than stocks.
d. Bonds have outperformed stocks over the decades.
____ 133. The federal body that regulates the stock and bond markets is the
a. New York Stock Exchange.
b. Securities and Exchange Commission.
c. NASDAQ.
d. Institutional Investors Forum.
____ 134. The largest mergers in history occurred during the
a. 1930s.
b. 1950s.
c. 1970s.
d. 1990s.
____ 135. A combination of firms in different industries is known as a
a. vertical merger.
b. trust.
c. conglomerate merger.
d. corporation.
____ 136. For a fee, the franchiser will supply the franchisee with all of the following EXCEPT
a. the workers.
b. a brand name.
c. production experience.
d. marketing experience.
____ 137. In 1776 Adam Smith wrote
a. Money and Its Power.
b. Profit and Loss.
c. Wealth of Nations.
d. A Lesson in Wealth.
____ 138. One of the important lessons to be learned by the Great Depression was that
a. investing in stock is not a risk.
b. corporations were depression-proof.
c. a positive outlook toward the economy was essential.
d. the government should monitor the national economy more closely.
____ 139. Which statement is the LEAST valid about the GDP?
a. It measures production during the year by businesses and individuals.
b. It can be used to compare economies of various countries.
c. It includes production in the United States by foreign firms.
d. It includes production of U.S. firms in foreign countries.
____ 140. Investment includes all of the following EXCEPT
a. the selling of stock.
b. the purchase of new factories.
c. net additions to inventories.
d. addition of new buildings.
____ 141. In economic terms the word aggregate is the same as
a. mixture.
b. result.
c. total.
d. income.
____ 142. In calculating GDP, which of the following changes most from year to year?
a. government spending
b. consumer purchases
c. net exports
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d. investment
The best example of depreciation would be
a. a business failing to recognize its employees.
b. a car worth $22,000 new that sells for $18,000 two years later.
c. the government loaning money to another country.
d. adding additional value.
The consumer price index
a. lists all consumers of a particular good.
b. contains a list of current prices.
c. measures changes in the cost of buying a “market basket” of goods.
d. indicates buying habits of the American people.
In the business cycle periods of expansion are often followed by periods of
a. concession.
b. recession.
c. prosperity.
d. growth.
Business cycles reflect movements of economic activity around a trend line that shows
a. increasing GDP.
b. short-term growth.
c. long-term growth.
d. economic fluctuations.
Which shows the relationship between the price level in the economy and real GDP?
a. aggregate output curve
b. price level
c. aggregate demand curve
d. aggregate supply curve
The value added by each firm equals
a. that firm’s selling price minus the amount paid for inputs purchased from other firms.
b. the amount paid for intermediate goods minus the firm’s selling price.
c. the market value of the final good.
d. the GDP based on the income approach.
If more capital is produced in a given year, what can be expected to happen?
a. Demands for labor will increase.
b. The economy should grow the next year.
c. The amount of debt will increase.
d. Tax rates will increase.
Improvements in the “rules of the game” in an economic sense can
a. improve the incentives that reward innovation.
b. disrupt the government.
c. provide for periodic review of property rights.
d. provide for legitimate civil unrest.
What was the poverty threshold for a family of four living in the United States in 2003?
a. $12,500
b. $15,800
c. $18,400
d. $22,600
A major difference between industrial economies and developing economies is
a. a large labor supply.
b. the literacy rate of the population.
____ 153.
____ 154.
____ 155.
____ 156.
____ 157.
____ 158.
____ 159.
____ 160.
____ 161.
c. industrial economies must import their food supply.
d. traditional ways of doing business.
G-7 refers to a(n)
a. economic theory applied to labor productivity.
b. 7 percent increase in the prime rate.
c. group of 7 nations with the largest market economies.
d. 7 percent decrease in the prime rate.
Which of the following stimulated the economic rebound from the Great Depression during the 1940s?
a. the invention of airplanes
b. increased world trade
c. World War II
d. the invention of advertising
Output per capita refers to the
a. productivity of workers.
b. production of factories.
c. average production of all people in the country.
d. the average production of factories.
In a typical year
a. the U.S. economy loses more jobs than it creates.
b. there is a balance between jobs lost and jobs gained.
c. the U.S. economy creates more jobs than it loses.
d. advanced technology creates permanent job loss.
The U.S. government nurtures particular industries in all ways EXCEPT
a. changes in regulations.
b. subsidies.
c. setting wage rates in those industries.
d. taxes.
Which country has the most aggressive policy for regulating and supporting industries?
a. the United Kingdom
b. the United States
c. China
d. Japan
Firms in some industries gain a performance advantage by locating themselves in a region with similar
industries. This is called
a. competition.
b. technology sharing.
c. cluster.
d. productivity.
Economists now worry less about short-term fluctuations in output related to the business cycle and more
about long-term growth because
a. inflation distorts short-term economic information.
b. of the cumulative power of productivity growth.
c. a trough in the business cycle distorts long-term growth figures.
d. of new environmental laws passed to protect the environment and the workplace.
A new industry moves into a town, but the unemployment rate remains high because local residents lack skills
needed to qualify for the jobs it offers. This condition is known as
a. seasonal unemployment.
b. cyclical unemployment.
c. frictional unemployment.
____ 162.
____ 163.
____ 164.
____ 165.
____ 166.
____ 167.
____ 168.
____ 169.
____ 170.
____ 171.
d. structural unemployment.
Underemployment is a term which means
a. an additional person needs to be hired for the job.
b. too many jobs, not enough workers.
c. a worker is overqualified for a particular job.
d. a worker is not qualified for the job he is performing.
Why are unemployment rates higher for teenagers?
a. Teenagers are irresponsible.
b. Teenagers move in and out of the job market because of school demands.
c. The number of teenagers is low to begin with.
d. Teenagers want high-paying jobs.
What is the most valid statement about unemployment benefits?
a. People never search for a job while receiving benefits.
b. The average time a person receives benefits is short.
c. Unemployment benefits allow for a more careful search.
d. Unemployment benefits increase the opportunity cost of remaining unemployed.
A decrease in the general price level of goods is called
a. disinflation.
b. hyperinflation.
c. demand-pull inflation.
d. deflation.
Inflation
a. can have a positive effect on the economy.
b. reduces the value of the dollar.
c. increases the value of the dollar.
d. decreases the consumer price index.
Which of the following conditions has not been sited as a possible cause of the Great Depression?
a. drop in consumer spending
b. widespread bank failures
c. restrictions on world trade
d. sharp increase in the nation’s money supply
The doctrine that said government should not interfere in a market economy beyond the minimum required to
maintain peace and protect property rights is
a. public domain.
b. habeas corpus.
c. laissez-faire.
d. no lo contendre.
Which era in American history showed high unemployment combined with high inflation?
a. 1776–1930
b. 1931–1970
c. 1971–1981
d. 1981–present
According to John Maynard Keynes, the government could help the economy during the Great Depression by
a. increasing taxes.
b. decreasing spending.
c. increasing spending.
d. remaining neutral.
In which decade did stagflation occur?
a. 1970s
____ 172.
____ 173.
____ 174.
____ 175.
____ 176.
____ 177.
____ 178.
____ 179.
____ 180.
b. 1960s
c. 1950s
d. 1940s
A key idea of supply-side economics is that government can stimulate the economy by
a. increasing spending.
b. increasing foreign aid.
c. decreasing taxes.
d. remaining neutral.
Under the benefits-received tax principle, which statement is most valid?
a. There are no free riders.
b. Government is not involved.
c. If a person received medical care provided by the government, they should only receive
the care they can pay for.
d. Wealthy people don’t pay their fair share.
Which tax is not normally an example of the ability-to-pay tax principle?
a. sales tax
b. income tax
c. property tax
d. luxury tax
An example of a progressive tax would be a
a. flat tax.
b. Social Security tax (FICA).
c. federal and state income tax.
d. sales tax.
A marginal rate that is high would
a. raise the after-tax income.
b. encourage people to work longer hours.
c. stimulate the stock market.
d. reduce people’s incentive to work.
Since 1960, redistribution has increased as a share of the federal budget, and defense spending has
a. stayed the same.
b. increased.
c. declined.
d. been eliminated altogether.
An excise tax is levied on things like
a. hamburger.
b. a new sweater.
c. cigarettes.
d. a house.
The largest spending by local governments is the category of
a. education.
b. police.
c. highways.
d. welfare.
The largest source of revenue for local governments is from
a. property tax.
b. sales tax.
c. state and federal aid.
d. income tax.
____ 181. Our government is
a. a pure democracy.
b. a representative democracy.
c. a direct democracy.
d. capitalistic.
____ 182. In an effort to maximize their political support, politicians establish relationships with special interest groups.
What expression explains this relationship?
a. A stitch in time saves nine.
b. A penny saved is a penny earned.
c. The squeaky wheel gets the grease.
d. A rolling stone gathers no moss.
____ 183. Voters adopt a stance of rational ignorance when
a. they vote strictly along party lines.
b. they do not educate themselves on public matters.
c. they vote the wrong way on an issue.
d. they exercise poor judgment.
____ 184. According to the text, taxpayers are coerced in that they
a. exercise choice when funding programs.
b. are forced to pay for programs they do not support.
c. are forced to obey laws they do not support.
d. cannot change things by voting.
____ 185. The government finances certain goods (e.g., roads, etc.) and services (e.g., care of the elderly). Which
statement is the most valid in this regard?
a. The government produces the services but not the goods.
b. The government hires private firms to produce some goods and services.
c. Government workers perform all the needed tasks.
d. Private firms charge more than the government for the same good or service.
____ 186. An economy’s maximum sustained output in the long run is known as its
a. maximum output.
b. resource quotient.
c. potential output.
d. fiscal policy.
____ 187. The amount by which actual output in the short run exceeds the economy’s potential is called
a. a contractionary gap.
b. potential output.
c. an expansionary gap.
d. aggregate supply.
____ 188. Original Keynesian theory and policy were developed to address
a. the currency problem.
b. the multiplier effect.
c. unemployment during the Great Depression.
d. the structure of a balanced budget.
____ 189. Disposable income is
a. extra income.
b. income after taxes.
c. income before taxes.
d. inflated income.
____ 190. An example of an automatic stabilizer in the economy would be
a. interest on a savings account.
____ 191.
____ 192.
____ 193.
____ 194.
____ 195.
____ 196.
____ 197.
____ 198.
____ 199.
b. buying and selling stocks.
c. investing in foreign currency.
d. unemployment insurance.
A combination of high inflation and high unemployment is known as
a. superflation.
b. stagflation.
c. natural rate of unemployment.
d. demand-management policies.
A deficit results when you
a. save more than you spend.
b. spend more than you save.
c. spend more than you earn.
d. earn more than you spend.
Reduced borrowing by individuals that results from higher interest rates caused by additional government
borrowing is called
a. a contractionary gap.
b. an expansionary gap.
c. crowding in.
d. crowding out.
Despite recent hikes, the debt held by the public relative to GDP has
a. risen steadily over the years.
b. dropped nearly two-thirds between 1946 and 2000.
c. risen nearly two-thirds over the last 60 years.
d. remained constant.
A deficit
a. is necessary for government to run effectively.
b. is a way of billing future taxpayers for today’s spending.
c. indicates the government is owed money.
d. is always followed by a balanced budget.
President Bush’s tax cuts had what impact on the current deficit?
a. made it larger
b. made it smaller
c. created a balanced budget
d. had no effect
What economic thinker developed the idea that it is the responsibility of the government to get the economy
moving again after an economic downturn by adjusting spending and taxes?
a. Adam Smith
b. Alexander Hamilton
c. Franklin D. Roosevelt
d. John Maynard Keynes
One of the ways the government finances its debt is with the sale of
a. stocks.
b. real estate.
c. stamps.
d. bonds.
Which of the following statements is not true about money?
a. It is a medium of exchange.
b. There always has been money of one type or another.
c. It is a store of value.
____ 200.
____ 201.
____ 202.
____ 203.
____ 204.
____ 205.
____ 206.
____ 207.
____ 208.
____ 209.
d. It is a unit of account.
Ideally money should
a. be non-divisible.
b. fluctuate in value.
c. be plentiful.
d. be durable.
The earliest known coins appeared in the seventh century B.C. in
a. Asia Minor.
b. Europe.
c. Africa.
d. China.
Token money
a. represents real money.
b. has value that is higher than its cost to produce.
c. is a stock certificate.
d. is only coins.
Money loaned by banks primarily comes from
a. savings deposits.
b. the mint.
c. interest.
d. the government.
Bank notes that could be redeemed for gold were called
a. fiat money.
b. coinage.
c. representative money.
d. checks.
United States currency is
a. representative money.
b. commodity money.
c. full-bodied money.
d. fiat money.
A credit union is a form of a bank known as a
a. commercial bank.
b. thrift institution.
c. charter bank.
d. state bank.
The central monetary authority in the United States is
a. the mint.
b. Chase Manhattan Bank.
c. the Federal Reserve System.
d. the Treasury Department.
Currency makes up about
a. half of M1.
b. 3/4 of M1.
c. 1/4 of M1.
d. zero percent of M1.
Approximately what percentage of U.S. dollars in circulation is held overseas?
a. less than 10%
b. less than 25%
____ 210.
____ 211.
____ 212.
____ 213.
____ 214.
____ 215.
____ 216.
____ 217.
____ 218.
c. more than 50%
d. more than 75%
The newest form of money is
a. electronic.
b. checks.
c. currency.
d. coins.
A debit card
a. works like a credit card.
b. is based on the idea of borrowing.
c. takes money directly out of a checking or savings account.
d. charges high interest rates.
An amount owed is considered a(n)
a. asset.
b. investment.
c. liability.
d. equity.
On a balance sheet, assets equal
a. liabilities plus net worth.
b. net worth minus liabilities.
c. liabilities minus net worth.
d. liabilities.
In an open-market operation, the Fed purchases bonds from a bank in an effort to increase the money supply.
The funds used by the Fed
a. came from savings accounts.
b. came out of air, so to speak.
c. came from tax revenues.
d. came from import duties.
One of the ways the Fed can lower the money supply is by
a. selling bonds.
b. buying bonds.
c. selling stock.
d. buying stock.
The demand for money graph is a downward sloping line, with interest rate figures along the vertical axis and
quantity of money along the horizontal axis. The demand for money graph shows that
a. as interest rates fall, the demand for money declines.
b. as interest rates fall, the demand for money remains unchanged.
c. as interest rates grow, the quantity of money demanded increases.
d. as interest rates grow, the quantity of money demanded declines.
As interest rates decline, the opportunity cost of holding money
a. declines.
b. grows.
c. remains unchanged.
d. becomes zero.
The Fed can expand the money supply in all of the following ways EXCEPT
a. collecting higher taxes.
b. purchasing U.S. securities.
c. reducing the discount rate.
d. lowering the required reserve ratio.
____ 219. In the short run, changes in the money supply
a. cause inflation.
b. mean a lower interest rate.
c. cause changes in the economy through changes in interest rates.
d. cause deflation.
____ 220. Banks lend excess funds to other banks in the
a. Federal Funds Market.
b. Federal Savings Market.
c. Federal Savings and Loan Market.
d. Federal Open Market.
____ 221. Assume that the Fed has increased the money supply and people begin to spend more. What might be a
consequence?
a. unemployment increase
b. prices rise
c. the prime rate increases
d. banks keep more excess reserves
____ 222. An increase in the money supply will
a. increase potential output.
b. not change potential output.
c. decrease potential output.
d. cause potential output to decline in the long run.
____ 223. The Fed’s primary assets are
a. Federal Reserve notes.
b. its buildings and equipment.
c. U.S. government securities.
d. stocks and bonds.
____ 224. To take advantage of a lower opportunity cost to produce certain goods, countries
a. import most goods.
b. specialize.
c. have higher labor costs.
d. must have fertile soil.
____ 225. In order to establish a comparative advantage, a country must have all of the following resources EXCEPT
a. labor.
b. capital.
c. mineral deposits.
d. small population.
____ 226. Why has the dollar been used for many years as an international medium of exchange?
a. There is an unlimited supply of dollars in the world.
b. It has held a relatively steady value over many years.
c. It cannot be counterfeited.
d. It can be traded for gold at the U.S. Treasury.
____ 227. Trade restrictions usually
a. lower tariffs.
b. benefit domestic producers.
c. lower the prime rate.
d. benefit domestic consumers.
____ 228. A quota tends to
a. raise the U.S. price above the world price.
b. benefit consumers.
____ 229.
____ 230.
____ 231.
____ 232.
____ 233.
____ 234.
____ 235.
____ 236.
____ 237.
____ 238.
c. lower the U.S. price below the world price.
d. keep the quality of imports high.
Which U.S. agency is responsible for enforcing tariffs, U.S. quotas, or other restrictions imposed on goods
arriving to this country?
a. Federal Bureau of Investigation
b. Central Intelligence Agency
c. U.S. Customs Service
d. Immigration and Naturalization Service
GATT stands for
a. General Agreement of Taxes and Trade.
b. General Agreement of Tariffs and Taxes.
c. General Agreement on Tariffs and Trade.
d. General Agreement on Trusts and Trade.
The WTO provides
a. a market-place for world goods.
b. the legal institutional foundation for world trade.
c. guidelines for world tariffs.
d. for a barrier-free Europe.
Which statement best describes the U.S. trade deficit since 1960?
a. The trade deficit has gotten smaller.
b. A trade deficit no longer exists.
c. The trade deficit has gotten steadily wider.
d. The trade deficit has not changed.
The best example of a unilateral transfer would be
a. a father gives his son a new car.
b. an income tax refund.
c. a person sending money as a gift to a relative in Italy.
d. a worker trading labor for a service.
An exchange rate refers to
a. the dollar cost of a foreign currency.
b. the cost to exchange goods.
c. the charges applied to a trade imbalance.
d. the value of the U.S. dollar.
Which of the following categories of U.S. exports was the largest in 2002?
a. consumer goods
b. industrial supplies
c. capital goods
d. food, feeds, and beverages
Which of the following is an example of a U.S. service import?
a. A Korean family vacations in at Disney World in Orlando, Florida.
b. A U.S. family vacations in Rome, Italy.
c. Data processing for a U.S. company is done by a company in India.
d. A Japanese auto company manufactures automobiles at a plant in Kentucky.
An example of a developing country would be
a. the United States.
b. France.
c. China.
d. Japan.
Most developing countries have many things in common EXCEPT
____ 239.
____ 240.
____ 241.
____ 242.
____ 243.
____ 244.
____ 245.
____ 246.
____ 247.
a. high fertility rate.
b. high literacy rate.
c. low GDP per capita.
d. high unemployment.
The primary or contributing factor is most deaths among young children in poor countries is
a. automobile accidents.
b. cancer.
c. malnutrition.
d. parental neglect.
In the majority of developing countries, most workers
a. have a steady job.
b. receive training.
c. are in unions.
d. are day laborers.
A poverty cycle is characterized by
a. low income and low productivity.
b. low fertility rate and high productivity.
c. high productivity and low income.
d. high fertility rate and high productivity.
If a developing country wanted to improve its balance of trade quickly, what policy should it follow?
a. improve its elementary schools
b. eliminate its tariffs
c. strictly enforce its environmental laws
d. support import substitution
If the foreign aid one country gives to another is a grant, it
a. must be used for a specific purpose.
b. need not be repaid.
c. must be repaid without interest.
d. must be repaid with interest.
Multilateral aid
a. is aid from one country directly to another.
b. is funds given to a country from an organization that gets money from a number of other
countries.
c. cannot be used for education.
d. can only be in capital goods.
Foreign aid often
a. benefits government officials in recipient nations more than ordinary people.
b. is given with no requirements on how it should be used.
c. is allocated solely by the government of the recipient nation.
d. must be repaid with high rates of interest.
Infrastructure refers to
a. the make-up of the federal budget.
b. highways, water systems, etc.
c. the social support network in a country.
d. the specifics of a World Bank loan.
In centrally planned economies
a. consumers have great influence in what is produced.
b. there are frequently shortages.
c. prices are flexible.
d. the economy is shaped by market forces.
____ 248. A country that is in the process of moving from a centrally planned economy to a market economy would be
a. Germany.
b. Mexico.
c. Russia.
d. the Netherlands.
____ 249. The opposite of nationalization is
a. unification.
b. democratization.
c. socialization.
d. privatization.
____ 250. Convergence has not taken hold in some poorer countries because
a. of high birth rates.
b. there is high human capital.
c. low birth rates.
d. they are often literate societies.
FBLA TEST PREP FOR ECONOMICS 1
Answer Section
MULTIPLE CHOICE
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p. 87
p. 85
p. 102
p. 103
p. 111
p. 113
p. 120
p. 122
p. 122
p. 102
p. 104
p. 107
p. 110
p. 111
p. 112
p. 132
p. 132
p. 132
p. 134
p. 134
p. 136
p. 137
p. 140
p. 141
p. 143
p. 152
p. 154
p. 152
p. 166
p. 165
p. 165
p. 171
p. 172
p. 173
p. 179
p. 179
p. 180
p. 181
p. 180
p. 182
p. 164
p. 191
p. 192
p. 193
p. 196
p. 193
88.
89.
90.
91.
92.
93.
94.
95.
96.
97.
98.
99.
100.
101.
102.
103.
104.
105.
106.
107.
108.
109.
110.
111.
112.
113.
114.
115.
116.
117.
118.
119.
120.
121.
122.
123.
124.
125.
126.
127.
128.
129.
130.
131.
132.
133.
ANS:
ANS:
ANS:
ANS:
ANS:
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ANS:
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ANS:
ANS:
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ANS:
ANS:
ANS:
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ANS:
ANS:
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ANS:
ANS:
ANS:
ANS:
ANS:
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D
D
A
B
C
C
D
A
B
A
B
B
C
B
B
B
D
B
B
D
B
C
C
A
C
B
C
C
B
D
B
B
C
A
C
C
B
D
C
D
B
B
C
C
C
B
PTS:
PTS:
PTS:
PTS:
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PTS:
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PTS:
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PTS:
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PTS:
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PTS:
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PTS:
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PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
REF:
REF:
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p. 203
p. 204
p. 205
p. 209
p. 209
p. 210
p. 211
p. 212
p. 203
p. 203
p. 226
p. 226
p. 227
p. 229
p. 230
p. 235
p. 237
p. 241
p. 242
p. 243
p. 243
p. 246
p. 256
p. 258
p. 260
p. 259-260
p. 268
p. 269
p. 271
p. 274
p. 275
p. 277
p. 278
p. 259
p. 276
p. 277
p. 290
p. 291
p. 291
p. 292
p. 295
p. 296
p. 297
p. 298
p. 299
p. 300
134.
135.
136.
137.
138.
139.
140.
141.
142.
143.
144.
145.
146.
147.
148.
149.
150.
151.
152.
153.
154.
155.
156.
157.
158.
159.
160.
161.
162.
163.
164.
165.
166.
167.
168.
169.
170.
171.
172.
173.
174.
175.
176.
177.
178.
179.
ANS:
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ANS:
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ANS:
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ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
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D
C
A
C
D
D
A
C
D
B
C
B
C
C
A
B
A
C
B
C
C
C
C
C
D
C
B
D
C
B
C
D
B
D
C
C
C
A
C
C
A
C
D
C
C
A
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
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PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
REF:
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p. 305
p. 305
p. 304
p. 319
p. 321
p. 322
p. 324
p. 325
p. 326
p. 330
p. 333
p. 336
p. 336
p. 344
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p. 359
p. 362
p. 366
p. 367
p. 368
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p. 371
p. 377
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p. 378
p. 369
p. 388
p. 389
p. 392
p. 394
p. 398
p. 400
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p. 403
p. 405
p. 407
p. 408
p. 431
p. 432
p. 433
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p. 438
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p. 441
180.
181.
182.
183.
184.
185.
186.
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188.
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191.
192.
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195.
196.
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213.
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215.
216.
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220.
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222.
223.
224.
225.
ANS:
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ANS:
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ANS:
ANS:
ANS:
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ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
C
B
C
B
B
B
C
C
C
B
D
B
C
D
B
B
A
D
D
B
D
A
B
A
A
D
B
C
A
C
A
C
C
A
B
A
D
A
A
C
A
B
B
C
B
D
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
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PTS:
PTS:
PTS:
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PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
REF:
REF:
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p. 441
p. 448
p. 448
p. 449
p. 450
p. 450
p. 460
p. 461
p. 464
p. 469
p. 469
p. 470
p. 476
p. 478
p. 479
p. 480
p. 477
p. 464
p. 480
p. 490
p. 492
p. 494
p. 494
p. 496
p. 497
p. 497
p. 499
p. 500
p. 506
p. 506
p. 510
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p. 520
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p. 527
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p. 535
p. 537
p. 540
p. 554
p. 554
226.
227.
228.
229.
230.
231.
232.
233.
234.
235.
236.
237.
238.
239.
240.
241.
242.
243.
244.
245.
246.
247.
248.
249.
250.
ANS:
ANS:
ANS:
ANS:
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ANS:
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ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
ANS:
B
B
A
C
C
B
C
C
A
C
C
C
B
C
D
A
D
B
B
A
B
B
C
D
A
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
PTS:
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
REF:
REF:
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p. 578
p. 559
p. 560
p. 561
p. 561
p. 562
p. 569
p. 570
p. 574
p. 557
p. 569
p. 588
p. 588
p. 589
p. 592
p. 593
p. 598
p. 600
p. 600
p. 600
p. 604
p. 606
p. 606
p. 607
p. 607