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Economics Final Exam Prep

Authored by Cristina Johnson

Social Studies

12th Grade

41 Questions

Used 131+ times

Economics Final Exam Prep
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem?

Wants

Needs

Scarcity

Consumers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are the three basic economic questions EXCEPT;

Why to produce?

What to produce?

How will it be produced?

For whom will it be produced?

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land, Labor, Capital and Entrepreneurship are collectively called;

The basic economic problem

Wants vs needs evaluation

The factors of production

Supply and demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The benefits offered to encourage people to act in certain ways.

Products

Incentives

Utility

Needs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The benefit and satisfaction gained for the use of a good or service

Needs

Wants

Incentive

Utility

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The alternative that you give up when you make an economic choice.

Need

Opportunity cost

Trade off

Cost-benefit analysis

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of the next best alternative or what you give up by choosing one alternative over another.

Trade off

Opportunity cost

Cost-benefit analysis

Entrepreneurship

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