Macroeconomics Review

Which of the following is an example of a natural resource? Choose the best answer.

• Wood (forests)

• Cars

• Toothpaste

• Backpacks

What do you call a person who starts a business? Choose the best answer.

• Investor

• Realtor

• Entrepreneur

• Economist

Which of the following is NOT an example of a currency?

• KardashianKoin

• Euro

• Japanese Yen

• Mexican Peso

Which of the following groups has the most control in a command economy?

• Private companies

• Consumers

• Charities

• The government

What usually determines what is produced in a market economy?

• What people need and want

• What government leaders decide should be produced

If supply of apples has fallen because of a worker shortage, and demand for apples has stayed the same, what will most likely happen to prices of apples?

• Prices will increase

• Prices will decrease

The Diamondbacks start winning a lot. What would most likely happen to their ticket prices?

• The ticket prices will increase

• The ticket prices will decrease

Which of the following finished items is going to have an import tariff on it in the United States?

• A car assembled in Turin, Italy

• Grapes grown in Delano, California

• Computer chips made in Chandler, Arizona

• A plane assembled in Everett, Washington

What's an embargo?

• A tax on an import

• An agreement between countries to have free trade between them

• A type of currency

• A complete ban on trade between countries

When businesses earn more revenue than the amount of money they spent as a business, it is called...

• Debt

• Fraud

• Profit

• Operating costs