Explain in your own words why individuals, businesses, and governments must make choices and identify the costs of those choices.
Economics Final Exam Study Guide

Quiz
•
English
•
11th Grade
•
Hard
Rob Hamly
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Individuals, businesses, and governments must make choices because resources are limited, and they must decide how to allocate them. The costs of those choices are the trade-offs or opportunity costs involved in selecting one option over another.
Individuals, businesses, and governments make choices because they want to avoid making any decisions and there are no costs involved.
Individuals, businesses, and governments must make choices because resources are unlimited, so they can have everything they want without any trade-offs.
Individuals, businesses, and governments make choices only to increase profits, and there are no opportunity costs involved.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Use and interpret a PPC (Production Possibilities Curve) graph to show tradeoffs, efficiency, and growth.
A PPC graph shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized. Points on the curve show efficiency, points inside show inefficiency, and points outside are unattainable. Tradeoffs are shown by moving along the curve, and growth is shown by an outward shift of the curve.
A PPC graph shows the minimum possible output combinations of two goods or services an economy can achieve, with all points on the curve representing inefficiency.
A PPC graph only shows the production of a single good and does not illustrate tradeoffs or economic growth.
A PPC graph demonstrates how resources are always underutilized, and points outside the curve are always attainable.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Compare the 4 different types of economic systems and identify examples of each.
The four types of economic systems are traditional, command, market, and mixed. Examples: Traditional - rural tribes; Command - North Korea; Market - United States (to a large extent); Mixed - most modern economies like France or the UK.
The four types of economic systems are feudal, capitalist, socialist, and anarchist. Examples: Feudal - medieval Europe; Capitalist - Cuba; Socialist - United States; Anarchist - Somalia.
The four types of economic systems are barter, digital, agricultural, and industrial. Examples: Barter - Amazon tribes; Digital - Silicon Valley; Agricultural - Egypt; Industrial - Antarctica.
The four types of economic systems are monarchy, democracy, oligarchy, and theocracy. Examples: Monarchy - Canada; Democracy - Saudi Arabia; Oligarchy - Switzerland; Theocracy - Japan.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the role of government in a mixed economy and analyze how policy decisions create incentives (or disincentives) for society.
In a mixed economy, the government intervenes to regulate or support certain sectors, provide public goods, and correct market failures. Policy decisions such as taxes, subsidies, or regulations can create incentives or disincentives for individuals and businesses.
In a mixed economy, the government has no role and all decisions are made by private businesses without any regulations or interventions.
In a mixed economy, the government only provides public goods and does not influence incentives or disincentives through policy decisions.
In a mixed economy, the government controls all sectors and eliminates private enterprise entirely.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define the 'law of demand' and explain the difference between demand and quantity demanded.
The law of demand states that, all else being equal, as the price of a good increases, the quantity demanded decreases. Demand refers to the entire relationship between price and quantity demanded, while quantity demanded is the specific amount at a specific price.
The law of demand states that as the price of a good increases, the demand for the good increases. Demand and quantity demanded are the same concept.
The law of demand states that, all else being equal, as the price of a good increases, the quantity demanded increases. Demand refers only to luxury goods.
The law of demand states that demand and quantity demanded are unrelated. Demand is the specific amount at a specific price, while quantity demanded is the entire relationship between price and quantity demanded.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define the 'law of supply' and explain the difference between supply and quantity supplied.
The law of supply states that, all else being equal, as the price of a good increases, the quantity supplied increases. Supply refers to the entire relationship between price and quantity supplied, while quantity supplied is the specific amount at a specific price.
The law of supply states that, all else being equal, as the price of a good increases, the quantity supplied decreases. Supply and quantity supplied both refer to the same concept.
The law of supply states that, all else being equal, as the price of a good decreases, the quantity supplied increases. Supply is only the amount supplied at one price.
The law of supply states that, all else being equal, as the price of a good increases, the demand increases. Supply and quantity supplied are unrelated concepts.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain in your own words how supply and demand work together to create mutually beneficial voluntary exchange.
Supply and demand interact in the market to determine prices and quantities exchanged. When buyers and sellers agree on a price, voluntary exchange occurs, benefiting both parties.
Supply and demand work independently of each other, and prices are set by the government to ensure fairness.
Supply and demand only affect the quantity of goods produced, not the price or the exchange process.
Supply and demand prevent voluntary exchange by creating barriers between buyers and sellers.
Create a free account and access millions of resources
Similar Resources on Wayground
20 questions
Basic Business Vocabulary

Quiz
•
KG - University
19 questions
Demand and Supply

Quiz
•
11th Grade
15 questions
Introduction to Economics

Quiz
•
10th Grade - University
20 questions
Announcement text

Quiz
•
10th - 12th Grade
15 questions
SUPPLY CHAIN MANAGEMENT (FINAL QUIZ)

Quiz
•
1st - 12th Grade
15 questions
Producers and Consumers Review

Quiz
•
5th Grade - University
15 questions
ANTONYM

Quiz
•
11th Grade
15 questions
Business Proposal Vocabulary Challenge

Quiz
•
9th - 12th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade