Economics Course Review

Economics Course Review

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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20 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the fundamental economic problem that leads to the concept of scarcity?

Back

Limited resources and unlimited wants

2.

FLASHCARD QUESTION

Front

In a market economy, who makes the majority of economic decisions?

Back

Consumers and producers

3.

FLASHCARD QUESTION

Front

If you choose to spend $50 on a textbook instead of concert tickets, what is your opportunity cost?

Back

The concert tickets

4.

FLASHCARD QUESTION

Front

Which economic system features heavy government control over resource allocation?

Back

Command economy

5.

FLASHCARD QUESTION

Front

According to the Law of Demand, what happens when the price of a good increases?

Back

Quantity demanded decreases

6.

FLASHCARD QUESTION

Front

What is the primary tool of monetary policy?

Back

Interest rates

7.

FLASHCARD QUESTION

Front

What type of unemployment occurs when workers are between jobs?

Back

Frictional unemployment

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