Economics Midterm

Economics Midterm

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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48 questions

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1.

FLASHCARD QUESTION

Front

Economics is the study of how people seek to satisfy their needs and wants by making choices. True or False?

Back

True

2.

FLASHCARD QUESTION

Front

What is the fundamental problem of economics?

Back

How to fulfill our unlimited wants and needs with limited resources?

3.

FLASHCARD QUESTION

Front

Which of the following is NOT a basic question of Economics?
WHAT to produce?
HOW to produce?
For WHOM to produce?
WHY am I asking YOU all these questions?

Media Image

Back

WHY am I asking YOU all these questions?

4.

FLASHCARD QUESTION

Front

Which of these are factors of production? Land, Labor, Capital, All of the Above

Back

All of the Above

5.

FLASHCARD QUESTION

Front

Which phrases BEST completes the list above? Consumer Demand, Entrepreneurship, Regulation, Urban Growth

Media Image

Back

Entrepreneurship

6.

FLASHCARD QUESTION

Front

Who wrote about the ‘Water and Diamonds’ paradox of value?

Back

Adam Smith

7.

FLASHCARD QUESTION

Front

What is the above diagram known as? Options: The Square, The Limit Does Not Exist, The Circular Flow Model, Laissez Faire

Media Image

Back

The Circular Flow Model

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