ECO EOC REVIEW
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
Wayground Content
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34 questions
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1.
FLASHCARD QUESTION
Front
Consumers waiting in long lines for a new product is an example of
Back
scarcity.
2.
FLASHCARD QUESTION
Front
The efficient use of scarce resources leads to an increase in
Back
productivity.
3.
FLASHCARD QUESTION
Front
When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n)
Back
cost-benefit analysis.
4.
FLASHCARD QUESTION
Front
How are economic decisions made in a traditional economy?
Back
The customs of elders and ancestors dictate how the economy functions.
5.
FLASHCARD QUESTION
Front
Which of the following is largely responsible for the growth of a free enterprise system?
Options: government, profit motive, Gross Domestic Product, market efficiency
Back
profit motive
6.
FLASHCARD QUESTION
Front
Changes in quantity demanded and changes in price have a(n) _____ relationship.
Back
inverse
7.
FLASHCARD QUESTION
Front
A hungry man is willing to pay a high price for food. After he is no longer hungry, he is not willing to pay the same high price. Which of the following best defines this example?
Back
diminishing marginal utility
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