Economics Final 5th Period

Economics Final 5th Period

Assessment

Flashcard

Social Studies

12th Grade

Hard

DOK 1, DOK 2, Law of Demand

+3

Standards-aligned

Created by

Wayground Content

FREE Resource

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39 questions

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1.

FLASHCARD QUESTION

Front

The Norwegian government chose to spend the profits from oil on stocks, bonds, and property instead of improving domestic infrastructure. Which economic concept does this illustrate?

Back

opportunity cost

2.

FLASHCARD QUESTION

Front

In a hypothetical country called Libertaria, the government does not interfere in economic activities at all. What type of economy does Libertaria have?

Back

Market

3.

FLASHCARD QUESTION

Front

In this country, the government decides the goods' production, quantity, and pricing.

Back

Command

4.

FLASHCARD QUESTION

Front

In a country where both the government and companies operate, what type of economy is it?

Back

Mixed

5.

FLASHCARD QUESTION

Front

If a country's production point lies inside the production possibility frontier, what does that indicate?

Back

They are being inefficient

6.

FLASHCARD QUESTION

Front

How might investing heavily in education, technology, and infrastructure affect a country's productive capacity on the PPC?

Back

Increasing the availability of skilled labor, advanced technology, and improved infrastructure

7.

FLASHCARD QUESTION

Front

What factor of production does using water in a garden's irrigation system exemplify?

Back

land

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