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Economics Unit 1 Test Review

Authored by Alexis Marianiello

Social Studies

9th - 12th Grade

Used 2+ times

Economics Unit 1 Test Review
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19 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do economists study?

the weather

migration of animals

human choices

politics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

The fundamental economic problem in which unlimited wants face limited resources.

The solution to all our economic and political problems.

The idea that we have unlimited resources but limited wants.

It is the same thing as opportunity cost.

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the four factors of production?

land

labor

capital

entrepreneurship

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

If this economy is operating at point A or C- what can we assume?

it is operating at full potential

it has idle resources

it is impossible because it is outside the frontier

it must be cheating because it is impossible.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the opportunity cost from moving from point A to point C?

100 cars

100 computers

2,200 computers

2,100 cars

700 cars

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What best describes what is happening to this PPF?

alternative possibilities

opportunity cost

economic growth

scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

State planners in Country A met to decide what the country should focus on producing. They decided it would be in the country's best interest to use their limited resources to produce automobiles instead of consumer goods like textiles or electronics. The planners passed their decision down to the factories, and allocated to them the raw materials needed to produce automobiles. They also told them who the final products should be shipped to. What type of economic system is Country A?

Free- market economic system

Traditional economic system

Command market system

Mixed market system

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