Econ Final Exam Review
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12th Grade
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45 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The cost of the next best choice or alternative
scarcity
opportunity cost
voluntary exchange
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Agreement to trade money or other goods for goods and services
scarcity
opportunity cost
voluntary exchange
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Unlimited wants coupled with limited resources
scarcity
opportunity cost
voluntary exchange
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
People rely on others to provide goods and services
Market
Economic Interdependence
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A place where money is exchanged for goods and services
Market
Economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When resources are equal, producing goods more efficiently
absolute advantage
comparative advantage
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ability to have lower opportunity cost with unequal resources
absolute advantage
comparative advantage
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