Which of the following best describes scarcity?
ECONOMICS FINAL EXAM SPRING 2025

Quiz
•
Social Studies
•
12th Grade
•
Medium
GRISELDA MONTOYA
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50 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Unlimited resources and limited wants
Limited resources and unlimited wants
Unlimited resources and unlimited wants
Limited wants and limited resources
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an opportunity cost?
The money lost in a failed investment
The most desirable alternative given up as a result of a decision
The total cost of producing a good
The sum of fixed and variable costs
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT a factor of production?
Labor
Land
Capital
Money
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a capital good?
A pizza
A delivery truck
A worker
A farm
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A production possibilities curve shows:
How inflation affects production
The maximum output of two goods using available resources
How to calculate opportunity cost
The cost of economic decisions
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a traditional economy, economic roles are determined by:
The government
Supply and demand
Customs and beliefs
Corporations
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a command economy, who makes the basic economic decisions?
Private businesses
Individual citizens
The government
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