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Unit 1B Economics Test Review

Authored by Carla Wilson

History

9th - 12th Grade

Used 46+ times

Unit 1B Economics Test Review
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Study the graph below and use it to answer this question. Which point on the graph represents a production level that a entity is unable to reach?

Point D

Point E

Point A

Point C

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Study the graph below and use it to answer the following question. Which point on the graph represents an inefficient use of resources?

Point E

Point A

Point D

Point C

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Study the information below and use it to answer the question. According to the production possibilities curve information, the opportunity costs of moving from Point A to Point B could be expressed as...

25 TVs

70 Radios

80 TVs

15 Radios

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All the points on a production possibilities curve (frontier) are...

inefficient

irrelevant to production

impossible to make

efficient

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Production Possibilities Frontier (curve) are diagrams that represent various combinations of _______________ that an economy can produce when all resources are fully employed.

goods and services

incentives and dreams

goals and desires

supplies and equity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Use the diagram to answer this question. Which of the following choices best describes what this production possibilities frontier (curve) is depicting?

alternative possibilities

opportunity cost

economic growth

cost of idle resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The primary goal of any entrepreneurs is to make...?

rent

profits

wages

interest payments

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