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Final Exam Review

Authored by Johanna Witt

Other

11th - 12th Grade

Used 6+ times

Final Exam Review
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65 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how people satisfy their needs and wants is called?

Economics

Government

Supply and Demand

Production Possibility

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economic system is where prices are determined by unrestricted competition between privately owned businesses?

Free Market

Mixed economy

Command Economy

Traditional Economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is limited quantities of resources to meet unlimited wants?

Scarcity

Shortage

Demand

Resource cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What sector of the economy that is controlled by the government?

Public

Private

Free

Control

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an advantage of command markets?

Provides basic necessities for little to no cost

Controls the means of production

Offers a variety of goods to the people

There are no advantages

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

As price increases quantity demanded decrease

As price increases quantity demanded increases

As price increases demanded decrease

As price increases demanded increases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the consumers or producers reaction to a change in price?

demand

supply

elasticity

there is no reaction

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