Economics Worksheet - Multiple Choice Questions

Economics Worksheet - Multiple Choice Questions

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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80 questions

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1.

FLASHCARD QUESTION

Front

Economics is primarily concerned with which of the following? Use of resources, Methods of production, future cost of goods, values and objectives of a society

Back

Use of resources

2.

FLASHCARD QUESTION

Front

The value of the next best alternative that has to be given up for the action that is chosen is the

Back

opportunity cost

3.

FLASHCARD QUESTION

Front

All the combinations of goods and services that can be produced in a given time with a fixed amount of resources are called

Back

production possibilities

4.

FLASHCARD QUESTION

Front

Land, labor, capital, and entrepreneurship are-

Back

factors of production

5.

FLASHCARD QUESTION

Front

A higher price reduces the quantity of a product demanded because:

Back

individuals will buy less of the product and more of its substitutes

6.

FLASHCARD QUESTION

Front

A hungry man is willing to pay a high price for food. After he is no longer hungry, he is not willing to pay the same high price. Which of the following best defines this example?

Back

Diminishing marginal utility

7.

FLASHCARD QUESTION

Front

Equilibrium is reached when what occurs?

Back

quantity supplied equals quantity demanded

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