12th Grade Economics Semester Exam 2005

Front

Scarcity arises because all societies have

Back

Limited resources to satisfy unlimited wants

Front

Which of the following are factors of production? Supply and Demand, Consumer Preferences and Substitutions, Labor and Capital, Opportunity Cost and Trade offs

Back

Labor and Capital

Front

What is the opportunity cost in this scenario? Options: The price of the iPhone, The price of the concert, transportation, hotel and food, The price of the iPhone and the concert combined, None of the above

Back

The price of the concert, transportation, hotel and food

Front

Back

$18

Front

What is the opportunity cost of moving from possibility B to possibility A?

Back

10 tires

Front

Which point on the chart would be considered inefficient? Options: Point A, Point B, Point C, Point D

Back

Point C

Front

Which point on the chart is considered unattainable? Point A, Point B, Point C, Point D

Back

Point D

Front

What is this graph an example of? Options: Demand Curve, Production Possibilities Curve, Supply Curve, Circular Flow Model

Back

Production Possibilities Curve

Front

What would be the best measurement to compare economies? Options: GDP, GDP per capita, Unemployment rate, Debt

Back

GDP per capita

Front

Which of the following best describes the United States economy? Traditional - traditions and customs are used in order to exchange goods and services, Market - the exchange of goods and services is controlled solely by supply and demand, Command - all production and exchange decisions are made by the central government, Mixed - supply and demand affect the exchange of goods and services alongside some decisions made by the government

Back

Mixed - supply and demand affect the exchange of goods and services alongside some decisions made by the government