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Economics Final Exam 2024

Economics Final Exam 2024

Assessment

Flashcard

•

Social Studies

•

11th Grade

•

Practice Problem

•

Hard

Created by

Wayground Content

FREE Resource

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35 questions

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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

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

Back

Consumer Goods

3.

FLASHCARD QUESTION

Front

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

Back

Capital goods

4.

FLASHCARD QUESTION

Front

Look at the production possibilities graph below. Assume our economy is producing at the bold curve #1. Which points are producing at 100% efficiency? Options: A, B, C, X, Z, B, Z, A, B, C, A and B

Media Image

Back

A, B, C

5.

FLASHCARD QUESTION

Front

Look at the production possibilities graph below. Assume our economy is producing at the bold curve #1. Which point is recessionary? Options: A, B, C, K, Z

Media Image

Back

K

6.

FLASHCARD QUESTION

Front

Choose the correct description of this production possibility graph below.

Media Image

Back

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

7.

FLASHCARD QUESTION

Front

Choose the correct description of this production possibility graph below.

Media Image

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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