Economics Final Exam

Economics Final Exam

Assessment

Flashcard

•

Social Studies

•

11th Grade

•

Practice Problem

•

Hard

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98 questions

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1.

FLASHCARD QUESTION

Front

The term for the value of the next best alternative in an economic decision is

Back

opportunity cost

2.

FLASHCARD QUESTION

Front

An outward shift in a production possibilities curve could be caused by: fewer resources available, growth of resources, underutilization, efficiency.

Back

growth of resources

3.

FLASHCARD QUESTION

Front

Private property rights represent what important goal/s in a market economy?

Back

freedom and security

4.

FLASHCARD QUESTION

Front

The United States has

Back

a modified (mixed) capitalist economy

5.

FLASHCARD QUESTION

Front

Consumers of the factor markets are

Back

businesses

6.

FLASHCARD QUESTION

Front

The popularity of MP3 players led many broadcasters to begin offering podcasts of popular programs. Which factor that affects demand does this example illustrate?

Back

complements

7.

FLASHCARD QUESTION

Front

Which of these signals and incentives do shortages provide? Options: It is a good time for consumers to buy as prices fall, It is a good time for producers to raise prices, It is time for producers to raise prices, Prices are too high relative to consumer demand

Back

It is a good time for producers to raise prices

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