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Economics Fall Semester Review

Authored by Jennifer Martinez

Social Studies

12th Grade

Used 3+ times

Economics Fall Semester Review
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48 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which phrase best describes the effect of an increase in U.S. steel imports?

higher tariffs on foreign steel

fewer goods sold by US steel companies

high wages for steel workers

less foreign steel bough by consumers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

This graph supports which conclusion about federal government revenue?

The greatest percentage of federal revenue comes directly from individual citizens

the category of other has more impact on federal revenues than taxation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adam Smith advocated laissez-faire, which implies

businesses cooperating with government agencies.

minimal governmental control.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which issue is most likely to be regarded as a weakness of a free enterprise economy?

inefficiency in providing public goods

inability to connect buyers with sellers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are tenets of capitalism except

private ownership of property

governmental control of businesses

investing for profit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes a factor of production?

inflation

labor

scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When an automobile manufacturer builds 200,000 units of its top selling model, the company is responding mainly to which question?

Where to produce?

How to produce?

What to produce?

When to produce?

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