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ECON MIDTERM PRACTICE

Authored by Stephen Sagi

9th - 12th Grade

Used 3+ times

ECON MIDTERM PRACTICE
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26 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Economics is the study of

the production of goods/services

the consumption of goods/services

the distribution of goods/services

all of the above

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why do we study economics?

to make money

trying to find the optimal solutions to keep everyone happy

to be a boss

all of the above

3.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Scarcity is when you have (choose two)

unlimited needs/ wants

desert

limited resources

no money

4.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The three major questions that economic systems try to answer are (choose three)

what to produce?

how to produce it?

how much to charge?

whom to produce it for?

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What you lose when you make the decision to do something else is known as _______________.

marginal analysis

supply

demand

opportunity cost

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A reason to do something is an ______________.

incentive

punishment

reward

none of the above

7.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Three types of incentives are (choose three)

financial

moral

friendly

coercive

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