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Semester Exam Review II

Semester Exam Review II

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

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48 questions

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1.

FLASHCARD QUESTION

Front

Scarcity is a basic economic problem because —

Back

resources are limited

2.

FLASHCARD QUESTION

Front

In a free market society, the answer to the question about how much to produce is determined by —

Back

consumer demand

3.

FLASHCARD QUESTION

Front

Why did Maria sell fewer jeans when she increased the price?

Back

The consumers were less able or willing to pay.

4.

FLASHCARD QUESTION

Front

Which event would MOST LIKELY cause the price of a sports magazine to decrease? A. A competing sports magazine firm closes. B. The largest sports news website starts offering free subscriptions. C. A natural disaster destroys the country’s largest paper mill. D. The magazine wins a prestigious award for high-quality reporting.

Back

The largest sports news website starts offering free subscriptions.

5.

FLASHCARD QUESTION

Front

With a given amount of resources, a country with a comparative advantage will produce a product with —

Back

lower opportunity costs

6.

FLASHCARD QUESTION

Front

One way the United States could increase exports of sports cars would be to —

Back

negotiate to lower tariffs on sports cars

7.

FLASHCARD QUESTION

Front

How do fluctuations to the international exchange rate of a nation's currency affect its balance of trade?

Back

If a country's exchange rate increases, the country can import goods less expensively.

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