Economics Final Exam Study Guide (100 pts-Summative)
Instructor: Mr. Kirby
Section I. (25 Points): Multiple Choice: You will be given 25 multiple choice review questions from Units 1-5
and asked to circle the choice that best completes the statement or answers the question related to economics (Econ
51. B)
Economic concepts covered in this section:
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Scarcity/choices, tradeoffs, opportunity cost
Supply and Demand
Efficiency and Production Possibility Curve
Substitutes and Compliments
Four Market Structures- perfect and monopolistic competition, monopolies and oligopolies
CPI, GDP, Inflation, Unemployment, Recession and Depression
Sole proprietorship, partnership, and corporations
Vertical and horizontal Mergers
Stocks and bonds
Federal Reserve Bank (Fed)
Section II. (25 Points): The Business Cycle, Monetary and Fiscal Policy (Econ 46.)
A. Draw and label a “Business Cycle”
B. Short Essay: Define and explain the similarities and differences of ‘fiscal” and “monetary” policies:
C. Short Essay: Describe the role and function of the Federal Reserve in monetary policy as it relates
with your drawing of the business cycle.
Section III. (25 Points): Economic Indicators and the condition of the economy (Econ 50.)
A. Define the following economic indicators in complete sentences:
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GDP:
CPI
Inflation Rate:
Unemployment Rate:
B. Explain how the indicators above describe the condition of the economy in a short essay (please use
all four indicators):
Section IV. (25 Points): Define economic terms and identify examples of them in a current economy (Econ 51.B)
Now that you have taken a term of economic, write on ONE of the following topics. Be sure and show evidence
of what you have learned this term! Use examples from units 1-5, activities, projects, simulations and/or from
your personal life. PLEASE CIRCLE YOUR CHOICE:
A. Economics is all about scarcity and choice!
B. Economics is a social science that looks at the behavior of people in the market place.
C. Economics is not an exact science, but gives likely results by attempting to predict human behavior.
D. I have decided to create my own writing prompt reflecting on what I learned this term in
economics……….
TOTAL POINTS: 100