Economics Final

Economics Final

12th Grade

•

40 Qs

quiz-placeholder

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Economics Final

Economics Final

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Medium

Created by

Wesley Sweat

Used 4+ times

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40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The fundamental problem of Economics: Unlimited wants, limited resources.

Opportunity Cost

Trade Offs

Scarcity

Marginal Benefit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ALL alternatives given up when making a decision.

Scarcity

Opportunity Cost

Trade Offs

Rational Decision Making

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The SECOND best alternative given up when making a decision.

Opportunity Cost

Trade Offs

Scarcity

Rational Decision Making

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The factors of production (land, labor, capital, and entrepreneurship) are also known as this:

Trade Offs

Environmental Resources

Natural Resources

Productive Resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order for a company to increase their efficiency, productivity, and overall profits, they should seek to:

Never update their technology

Let their employees train themselves

Invest in new technology, but not train employees

Invest in new technology and education for their workers

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Media Image

Looking at the PPC graph, which letter(s) are inefficient? Click ALL that apply.

A

B

C

E

F

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

Market economy
Command economy
Traditional economy
Mixed economy

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