
2019 Economics Final Practice
Authored by KRISTAL SMITH
12th Grade
Used 2+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How society decides what , how, and for whom to produce is known as what?
Civics
Economics
Production Technology
Life
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If demand exceeds supply, the resource is scarce.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The quantity of other goods, sacrificed to get another unit of that good, is known as what?
Substitute Effect
Economics
Opportunity Cost
A loss
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process by which prices adjust to reconcile the allocation of resources is known as what?
Economics
Consumer
Producer
Market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is government planning to decide resource allocations involved in a command economy?
Yes.
No.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market equilibrium is when _____________.
The quantity demanded and the quantity supplied are equal.
Excess demand and excess supply are at zero.
The market clears the equilibrium price.
All of the above.
7.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which two things do not directly affect the demand curve?
The price of related goods, consumer incomes
Consumer incomes, tastes
The costs of production, bank opening hours
The price of related goods, preferences
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