Economics Final Exam Review

Economics Final Exam Review

12th Grade

50 Qs

quiz-placeholder

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Economics Final Exam Review

Economics Final Exam Review

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Cormack Matthews

Used 59+ times

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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Any resources that are made by humans and used to create other goods and services are called

services.

production.

capital.

labor.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a shortage is limited amounts of

water available for irrigating a crop because it is used for other crops.

labor available because the workers have other jobs.

food available because the trucks carrying it are on strike.

food available because few people want to buy it.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The resources used to make all goods and services are the

production possibilities.

factors of production.

production trade-offs.

opportunity costs.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are all goods and services scarce?

Some goods cost more than others.

All resources are scarce.

Some things are needs and others are wants.

Some people want to have more goods than others.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a factory building an example of?

human capital

physical capital

an economic trade-off

technology

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How would you describe an economy that uses its resources to make the greatest possible number of goods and services?

efficient

using opportunity cost well

globally aware

underutilized

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following makes someone an entrepreneur?

earning a lot of money as a computer programmer

becoming a highly paid dancer

running a service that hires people to install sprinkler systems in lawns

inventing and selling the rights to manufacture a computer game

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