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Final Exam Economics

Authored by Lois Simpson Delk ldelk@schools.nyc.gov

Social Studies

9th - 12th Grade

Used 3+ times

Final Exam Economics
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30 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is Economics?

The study of how people manage scarce resources

The study of money

The study of how money works

The study of the stock market

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A ____ economy is an economic system in which people, families, clans, or tribes produce and distribute goods according to customs.

command

market

traditional

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A ____ economy is an economic system in which the government plans and makes all economic decisions.

traditional

market

command

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A ____ economy is an economic system in which individual choice and voluntary exchange without government regulations direct economic decisions.

traditional

market

command

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who is affected by the condition of scarcity?

The rich

Large economies

All societies

Producers (ie: businesses)

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why do all societies have to make decisions about how resources will be used?

People are greedy

There are not enough resources for those who want them

Resources are too expensive for most people

Because there is a huge gap between the rich and poor

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Provides payments for both liability and property insurance on a vehicle

disability insurance
automobile insurance
coverage
deductible

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