Economics Final Exam 2024

Economics Final Exam 2024

Assessment

Flashcard

Social Studies

11th Grade

Hard

Created by

Lauren Koeller

FREE Resource

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35 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Firms constantly work to become more efficient, reducing their inputs and maximizing their outputs. What is the economic concept at work?

Back

Increasing productivity

2.

FLASHCARD QUESTION

Front

Goods intended for use by individuals/families are considered to be...

Back

Consumer Goods

3.

FLASHCARD QUESTION

Front

Goods intended for use by businesses are considered to be...

Back

Capital goods

4.

FLASHCARD QUESTION

Front

Production possibilities graph: Which points are producing at 100% efficiency?

Back

A, B, C

5.

FLASHCARD QUESTION

Front

Production possibilities graph: Which point is recessionary?

Back

K

6.

FLASHCARD QUESTION

Front

Description of a production possibility graph: Options: This is an increasing cost curve because the goods being produced are made from different resources, This is a constant cost curve because for every additional item produced, an increasing amount of the other item must be sacrificed, This is an increasing curve because for every additional item produced, an increasing amount of the other item must be sacrificed, This is a constant cost curve because the goods being produced are made from similar resources

Back

This is a constant cost curve because the goods being produced are made from similar resources

7.

FLASHCARD QUESTION

Front

What does the production possibility graph describe?

Back

This is an increasing curve because for every additional item produced, an increasing amount of the other item must be sacrificed.

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