ECONOMICS FINAL EXAM SPRING 2025

ECONOMICS FINAL EXAM SPRING 2025

12th Grade

50 Qs

quiz-placeholder

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ECONOMICS FINAL EXAM SPRING 2025

ECONOMICS FINAL EXAM SPRING 2025

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

GRISELDA MONTOYA

Used 4+ times

FREE Resource

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best describes scarcity?

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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