Economics Final Exam Review

Economics Final Exam Review

9th - 12th Grade

•

26 Qs

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Economics Quiz

Economics Quiz

Economics Final Exam

Economics Final Exam

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Economics Final Exam Review

Assessment

Quiz

•

Social Studies

•

9th - 12th Grade

•

Medium

Created by

Scott Atkinson

Used 24+ times

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26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A graph showing all the combination of goods/services that can be produced.

A) Opportunity cost

B) Supply and Demand

C) Factors of Production

D) Production Possibilities Curve

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In simple terms, economics is all about

A) Making money

B) Making choices

C) Scarcity

D) Producing goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All the resources used to produce other goods and services.

A) Labor

B) Natural Resources

C) Capital Resources

D) Opportunity Cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Factor Market of the circular flow model in the free market, households provide ____________________, in exchange for _________________________ from businesses.

A) Goods/Services; Revenue

B) Land, Labor, Capital (Resources); Wages (Income), Rents, Interest

C) Wages, Rents, Interest; Land, Labor, Capital

D) Taxes; Transfer Payments

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an example of an economic goal of each economic system?

A) Economic Efficiency

B) Economic Shortages

C) Economic Freedom

E) Economic Growth and Innovation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Some of the basic needs that Socialism attempts to provide include

A) Money, Goods/Services, Welfare

B) Incentives, Competition, Factor Payments

C) Housing, Healthcare, Education

D) Collectives, Heavy Industry, Agriculture

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

TANF, Social Security, Unemployment, and Workman's Compensation are all examples of _______________________ paid to the poor, disabled, and retired.

A) In-kind Benefits

B) Voluntary Exchanges

C) Free Riders

D) Cash Transfers

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