Economics Final Exam Spring 2022

Economics Final Exam Spring 2022

12th Grade

20 Qs

quiz-placeholder

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Economics Final Exam Spring 2022

Economics Final Exam Spring 2022

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

David Phillips

Used 1+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

__________: study of how people make choices on buying, selling, using, and distributing goods/services.

A. Economics

B. Consumer Science

C. Opportunity Costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a monopoly?

A business that does not allow competition.

A business that encourages competition.

When supply exceeds demand.

A risky investment.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an interest rate?

The cost of doing business.

Sales tax

A factor of production

The percentage you pay on a loan.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is NOT a factor of production?

Land

Labor

Economic benefit

Capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land, Labor, Capital and Entrepreneurship are collectively called;

The basic economic problem

Wants vs needs evaluation

The factors of production

Supply and demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The benefits offered to encourage people to act in certain ways.

Products

Incentives

Utility

Needs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of the next best alternative or what you give up by choosing one alternative over another.

Trade off

Opportunity cost

Cost-benefit analysis

Entrepreneurship

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