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EPF FINAL EXAM

Authored by Danielle LaPinska

Social Studies

12th Grade

Used 7+ times

EPF FINAL EXAM
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45 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of __________?

People’s standard of living.

The way businesses produce goods.

The way people make decisions in a scarce world.

How goods should be produced.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurs are considered the driving force in an economy because they

own a lot of land.

are the greatest number of people in an economy

take risks and invest money in new ideas

provide most of the labor.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Factors of production include which of the following?

Land, labor, capital, and entrepreneurship

Technology products and entrepreneurship

Goods and services

All of the products produced in an economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of the next best alternative that has to be given up for the action that is chosen is the

Factor of production.

Opportunity cost.

Trade-off.

Productivity.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Using resources in such a way as to maximize the production of goods and services is called

Efficiency

Underutilization

thinking at the margin

growth

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would reduce the supply of microcomputers?

a technological improvement that lowers the cost of producing the computers

higher wage rates for the workers that assemble the computers

a reduction in the price of computer chips used to produce the computers

a reduction in the price of computers.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A severe freeze has once again damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of:

A) the supply curve.

B) the demand curve, as consumers try to economize because of the shortage.

C) both the supply and demand curves.

D) the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price.

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