Economics Exam I Review

Economics Exam I Review

12th Grade

15 Qs

quiz-placeholder

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Economics Exam I Review

Economics Exam I Review

Assessment

Quiz

Other

12th Grade

Easy

Created by

William Widmer

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of economics?

The study of past civilizations

the study of choices made by people who are faced with scarcity

The study of physical sciences

The study of historical events

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do normative statements differ from positive statements?

Normative statements are based on facts

Positive statements are based on opinions

Normative statements are based on opinions

Positive statements are based on emotions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Adam Smith's 'Invisible Hand'?

A concept that discourages market outcomes

A concept that influences market outcomes

A concept that eliminates market competition

A concept that promotes government intervention

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do market mechanisms contribute to resource allocation?

By preventing resource allocation

By contributing to economic inefficiency

By facilitating efficient resource allocation

By eliminating market competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of an economic resource?

A sunset

A factory

A poem

A song

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the 'Invisible Hand' lead to desirable economic outcomes?

By promoting government control

By encouraging self-interest in markets

By eliminating competition

By reducing market efficiency

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of opportunity cost affecting personal decisions?

Choosing to watch TV instead of studying

Buying a car instead of a bicycle

Eating at home instead of dining out

All of the above

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