Economics Final Exam Review.

Economics Final Exam Review.

12th Grade

22 Qs

quiz-placeholder

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Economics Final Exam Review.

Economics Final Exam Review.

Assessment

Quiz

Social Studies, Other

12th Grade

Practice Problem

Medium

Created by

Michael Ford

Used 25+ times

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22 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Name the 4 factors of production and their incomes:

Labor = Wages

Land = Rent

Capital = Interest

Entrepreneurship = Capital

Minerals = Dividends

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is when...

Supply is greater than demand for a good or service.

Demand is greater than supply for a good or service.

Supply and demand are equal for a good and service.

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the 3 basic economic questions?

When to buy?

What to produce?

How to produce it and how much to produce of it?

How to invest it?

For whom to produce it for?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is:

Doubled during expansion phase of the business cycle.

Always greater during inflation.

What you give up in order to get your first choice.

Equally distributed across the supply curve.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economic model demonstrates opportunity cost?

Production distribution graph

Production Possibilities Curve (PPC)

Possible Outcomes Curve

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Another name for a free enterprise system is

Democratic economy

Modern economy

Market economy

Industrial economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic system closest to pure command model is:

Authoritarian

Traditional

Socialist

Capitalist

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