
Economics Final Exam Review
Authored by SHEILA BEDWELL
Social Studies
9th - 12th Grade
Used 25+ times

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41 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
GDP stands for ______ and is a measure of all goods and services made in a country in _____.
Gross Domestic Product; 3 years
Gross Determined Project; 1 year
Gross Domestic Product; 1 year
none of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of economics involves
explaining how people deal with scarcity.
studying how things are made, bought, sold and used.
explaining how incomes are earned and how jobs are created.
all of the above.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which answer explains the phrase "There is no such thing as a free lunch"?
A business that offers a deal will pass on the cost in other ways.
Businesses rarely offer free items to customers.
A business always expects its customers to pay for products and services.
Businesses often ask customers to pay for others' lunches.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economic growth can be achieved
by acquiring more resources.
through increasing population.
with a technological advance.
all of the above.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement describes a disadvantage of a command economy?
Items tend to be produced solely for the sake of profit.
It cannot "change direction" easily if the need arises to do so.
It does little to help the less advantaged obtain the goods and services they need.
Nothing stops the government from producing things that people don't need or want.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which point is currently not attainable?
point c
point E
point A
point F
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the opportunity cost when this economy shifts production from point A to point B?
7 mobile phones
1 mobile phone
10 cameras
none of the above
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