Personal Finance and Economics Review

Personal Finance and Economics Review

Assessment

Flashcard

Social Studies

9th Grade

Hard

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60 questions

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1.

FLASHCARD QUESTION

Front

Economics is the study of

Back

how society decides what, how, and for whom to produce

2.

FLASHCARD QUESTION

Front

How are economic questions answered in a command economy?

Back

by the government

3.

FLASHCARD QUESTION

Front

Money serves as a standard of value because

Back

we compare prices

4.

FLASHCARD QUESTION

Front

Which basic economic problem does the U.S. share with all other nations?

Back

Scarcity of resources

5.

FLASHCARD QUESTION

Front

Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions?

Back

Corporation

6.

FLASHCARD QUESTION

Front

Which of the following is an example of entrepreneurship? A person who invests in computer stocks, A person who starts a new online business, A person who takes a job with a high-tech firm, A person who buys land and builds herself a new house

Back

A person who starts a new online business

7.

FLASHCARD QUESTION

Front

Which of the following is true about a rational economic decision? Marginal costs exceed marginal benefits, Marginal benefits exceed marginal costs, Opportunity costs are less than marginal benefits, Opportunity costs are balanced by total benefits

Back

Marginal benefits exceed marginal costs

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