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Economics Semester Final Exam 2021

Authored by Jesus Reyes

Social Studies

12th Grade

Used 2+ times

Economics Semester Final Exam 2021
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105 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4) In simple terms, economics is all about

A) Making money

B) Making choices

C) Scarcity

D) Producing goods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

10) All the resources used to produce other goods and services.

A) Labor

B) Natural Resources

C) Capital Resources

D) Opportunity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

45) The graph represents which concept of demand

A) Change in Price

B) Change in Quantity Demand (Slide)

C) Decrease in Demand

D) Change in Demand (Shift)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

45) The price of coffee increases and people switch to drinking tea. The determinant of demand (Shifter) is

A) Income

B) Consumer Preferences/Tastes

C) Price of Related Goods (Complements)

D) Price of Related Goods (Substitutes)

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

53) The price at which the amount demanded is equal to the amount supplied

A) Shortage

B) Surplus

C) Equilibrium price

D) Profit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

95) The dollar value of all final goods and services produced within a country's borders in a given year and a measure of economic well being.

A) Consumer Price Index

B) GDP per capita

C) Gross Domestic Product

D) Inflation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

99) GDP is calculated by adding all of the components, EXCEPT

A) Consumer Goods

B) Government Spending

C) Underground Economy

D) Business Investment

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