Economics Final Review

Economics Final Review

12th Grade

50 Qs

quiz-placeholder

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Economics Final Review

Economics Final Review

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Stewart [HHS]

Used 1+ times

FREE Resource

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A car is an example of a:

durable good.

nondurable good.

capital good.

service.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anika is considering whether to spend her last hour before an exam studying or watching a movie. The opportunity cost of her decision refers to:

the dollar amount attached to the activity she chooses.

the value of the next best alternative she gives up, which is studying if she chooses to watch a movie or watching a movie if she chooses to study.

the cost of not choosing both activities.

the cost of her time spent on the activity she chooses.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is best defined as the study of how societies deal with:

the factors of production.

the problem of scarcity.

the paradox of wealth.

the division of labor.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and:

limited role of government.

competition.

free market.

economic freedom.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Evelyn is starting a new tech company. Which of the factors of production involves her taking risks and combining resources to produce a service?

land

capital

labor

entrepreneurs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a scenario where Elijah and Isla are exchanging goods without using money, which term best describes their economic activity?

trade

fiat

specie

monetary

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many distinct factors of production do economists recognize?

one

two

three

four

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