Final EOC Review (Economics)

Final EOC Review (Economics)

9th - 12th Grade

31 Qs

quiz-placeholder

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Final EOC Review (Economics)

Final EOC Review (Economics)

Assessment

Quiz

Specialty

9th - 12th Grade

Hard

Created by

Kristen Bibb

Used 13+ times

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31 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity cost is...

The choice you made
The value of your choice not made 
The next unit, or increment, of an action
The additional benefit received from the consumption of the next unit of a good or service.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how society allocates scarce resources.

Microeconomics
Macroeconomics
Scarcity
Economics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Also called "factors of production," there are commonly grouped into the four categories: land, labor, physical capital, and entrepreneurial ability. 

Product
Resources
Utility
Marginal

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The additional benefit received from the consumption of the next unit of a good or service.

Marginal Benefit
Marginal Cost
Opportunity Cost
Economics

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The ability to produce a good at a lower opportunity cost than all other products. 

Comparative Advantage
Absolute Advantage
Specialization 
Opportunity cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic system in which resources are allocated through the decisions of firms and consumers (Suppliers and Demanders)

Market Economy (Capitalism)
Command Economy
Economy
Traditional Economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of butter increases, then we would expect that the demand for margarine would fall.

True
False

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