Economics Final Review

Economics Final Review

11th - 12th Grade

44 Qs

quiz-placeholder

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Economics Final Review

Economics Final Review

Assessment

Quiz

Social Studies

11th - 12th Grade

Medium

Created by

Adaline Purpura

Used 2+ times

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44 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fundamental problem of all economics is?

How to spend money

How to make money

opportunity cost

Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of scarcity?

having infinite resources and modest desires

having limited resources and modest wants

having limited resources and unlimited wants

having a higher demand of a good than a supply of the good.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of scarcity?

having all the In-N-Out burgers you could ever want

having no money

having four hours of free time, but two activities that take three hours each

giving up the larger pizza to save two dollars

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the _____________

study of how people satisfy their wants and needs through choices.

study of what people use as money.

study of how people make money.

study of how people behave.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An opportunity cost is ______________

the price you have to pay to have an opportunity.

the penalty you take for not using all opportunities offered to you.

the next best thing you could have done with a set of resources.

all the things you could have done with your resources.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an opportunity cost of going to college?

Making new friends.

Having new experiences.

Greater income potential.

The money you would earn working 40 hours a week for minimum wage.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT A factors of production?

Land

Labor

Liberty

Entrepreneurs

Capital

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