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Econ Final Review

Authored by Rebekah Sellers

History

11th Grade

Used 16+ times

Econ Final Review
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65 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system is the protection of private property rights essential?

Command

Traditional

Market

Socialism

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Command

Socialism

Market

Traditional

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Mixed

Market

Traditional

Command

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Laissez-faire is a French term loosely meaning "leave things alone" that means the government should ______.

not interfere in the economy at all

regulate the economy when needed

strictly regulate the economy

be lazy at the fair

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Capitalism and market economies are characterized by the concept of _______, which means fair prices naturally set themselves due to multiple people/businesses producing the same product/service.

profit

competition

exchange

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ is the concept in a market economy (capitalism) that a person will naturally concentrate their efforts in the economy on ways in which they have advantages or skills.

Sovereignty

Consumerism

Specialization

Voluntary Exchange

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The definition of Scarcity is...

An unlimited amount of resources to meet limited wants and needs
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events
a city where individuals commit themselves to unlimited wants and needs

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