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Economics Final Exam

Authored by Laura Wood

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11th - 12th Grade

Used 39+ times

Economics Final Exam
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75 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how society manages its ________ resources

Scarce
unlimited
undervalued

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of an individual firm and its production decisions would be an example of ________.

macroeconomics
microeconomics
socialism

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of the unemployment rate in the United States would be an example of ________.

macroeconomics
microeconomics
limited government

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the product market?

It is the market in which households purchase the goods and services that firms produce.
It is the market in which firms purchase the factors of production from households.
It is the market in which income is received for supplying land, labor, or capital.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a consumer buying a good would be ________.

paying for a haircut
buying a cheeseburger
paying for a maid to clean your house

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of an individual producing a service would be ________.

a barber giving a haircut
a baker making a pie
a farmer growing wheat

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurship is the practice of ________.

always making a profit
developing new products to be sold in the market
making money in a capitalistic economy

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