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Economics Final Review

Authored by LaShaka Hosier

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9th - 12th Grade

Used 15+ times

Economics Final Review
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46 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the difference between a scarcity and a shortage?

A scarcity occurs when producers will not or cannot offer goods or services at the current prices, and a shortage occurs when there are limited quantities to meet unlimited wants.
Scarcity is the effort that people devote to a task that meets unlimited wants, and a shortage occurs when supplies of goods or services run low.
A scarcity occurs when supplies of goods and services are suddenly attainable, and a shortage occurs when producers will not or cannot offer goods or services at the current prices.
A scarcity occurs when there are limited quantities to meet unlimited wants, and a shortage occurs when a good or service is unavailable.

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

By the end of the summer, Jason had saved enough money for college from his job as a waiter. He even had some money left over. Although he wanted both, he decided to buy a DVD player rather than a digital camera. Which of the following is the opportunity cost in this scenario?

the DVD player
the digital camera
college
the job

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a free market economy, the factor market involves which type of exchange?
 

The goods and services that households produce are purchased by firms.
Firms purchase factors of production from households. 
Households purchase factors of production from firms.
Firms loan money to households to purchase capital.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The purpose of the free enterprise system is to

give consumers goods and services free of charge
eliminate economic choices. 
give consumers freedom to make economic choices
create political campaign slogans

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What are some of the basic principles of free enterprise?

research institutions, government restriction, and stock qualifications
profit motive, legal equality, private property rights, free contract, and competition
interest groups, disclosure laws, public interest, and negative regulation
absolute organizations, low prices, and quality control indexes

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which word BEST completes the following sentence? Improvements in _____ allow an economy to produce more output from the same or a smaller quantity of inputs.

GDP
free enterprise
technology
communication

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT a key economic question?

What goods and services should be produced?
How should these goods and services be produced?
Who consumes these goods and services?
How should it be ensured that goods and services are paid for?

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