
Economics Final Review
Quiz
•
Social Studies
•
12th Grade
•
Medium
Used 6+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
At its core, economics is about solving the problem of…
capitalism
scarcity
greed
abundance
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Any resources that are made by humans and used to create other goods and services are called
services
production
capital
labor
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What are the most basic resources needed to make a good or service?
production possibilities
factors of production
production trade-offs
opportunity costs
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is NOT a key economic question?
What goods and services should be produced?
How should these goods and services be produced?
Who consumes these goods and services?
How should it be ensured that goods and services are paid for?
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Why is any point under the production possibilities frontier considered an underutilization of resources?
all of the available resources are being used
not all of the available resources are being used
all of the resources are being used for one product
any point under the ppf is impossible
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
According to the law of demand, as prices go down, quantity demanded
goes down
goes up
stays the same
lags behind quantity supplied
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A cost that does not change, no matter how much of a good is produced is known as
a fixed cost
a marginal cost
a variable cost
equilibrium
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