Economics is about making choices.

Economics Block Final Exam

Quiz
•
Specialty
•
11th - 12th Grade
•
Medium
Joan Kane
Used 8+ times
FREE Resource
60 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers in command economies have an unlimited amount of all goods available to them.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Labor is a type of human resource.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You should ignore sunk costs in making economic choices.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Without scarcity, there would be no need for prices and no economic problem.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economic system is the set of mechanisms and institutions that resolves the what, how, and for whom questions that all economies must answer.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A command economy is shaped largely by custom or religion.
True
False
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