Grade Repair (Economics Final Exam)

Grade Repair (Economics Final Exam)

12th Grade

100 Qs

quiz-placeholder

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Grade Repair (Economics Final Exam)

Grade Repair (Economics Final Exam)

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

kristen Lal

Used 8+ times

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100 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is affected by the condition of scarcity?

The rich

Large economies

All societies

Producers (ie: businesses)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do all societies have to make decisions about how resources will be used?

People are greedy

There are not enough resources for those who want them

Resources are too expensive for most people

Because there is a huge gap between the rich and poor

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods
how much money something is
the opportunity one has to give up in order to gain something else
land, labor, capital, entrepreneurs

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Max is studying for his spelling test.  Unfortunately, his favorite TV program is on right now.  If he studies for the test, he will miss watching the show.  Max decides to study for his test instead of watching TV.  What is the opportunity cost of his decision?

studying for a test
watching TV 
Passing his test
Talking to his friends

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What does point Y represent on the PPC?

Efficiency
Unattainable / impossible
Inefficency
Nothing

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Soil, minerals, air, water, and coal are all examples of

Land
Conservation
labor
physical capital

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, who holds power over the economy?

The people
The government 
Beyonce
The traditions of your ancesetors 

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