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Economics Final Exam Review

Authored by Sandra Buso

Social Studies

University

Used 2+ times

Economics Final Exam Review
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64 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

1. Definition: value of the next best alternative.

a. Trade Off
b. Opportunity Cost
c. Scarcity
d. Incentive

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

2. Mary is weighing her options for spending her time after school. She decides to attend basketball practice. In making this choice, she chose not to spend that time doing homework, spending quality time with her friends, and studying for her Econ final; these forgone options are her

a. trade offs.
b. opportunity cost.
c. scarce resources.
d. incentives.

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

3. Scarcity forces people to make

a. better use of their time.
b. higher quality factors of production.
c. trade offs.
d. better use of incentives.

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

4. Studying incentives helps economists

a. use the laws of supply and demand.
b. teach students how to do their finances.
c. manipulate people into buying more products.
d. understand how people make decisions and use their scarce resources.

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

5. Which type of economy is known for using the barter system?

a. Command Economy
b. Market Economy
c. Mixed Economy
d. Traditional Economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

6. Which type of economy relies entirely on the “invisible hand” to guide the decisions of buyers and sellers to the benefit of the entire economy?

a. Command Economy
b. Market Economy
c. Mixed Economy
d. Traditional Economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

7. Which type of economy allows the government to control all the means of production?

a. Command Economy
b. Market Economy
c. Mixed Economy
d. Traditional Economy

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