Econ Final

Econ Final

12th Grade

60 Qs

quiz-placeholder

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Econ Final

Econ Final

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Brett Neel

Used 1+ times

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60 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity

The idea that there are unlimited wants and limited resources

Using resources to the greatest possible extent

The idea that there are unlimited resources and limited wants

The idea that there are unlimited factors of production and limited wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When something given up for something else is called?

Choice
Capitalism
Inflation
Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economy is where the government has total control of the economy. Businesses are not privately owned.

Command
Traditional
Mixed
Market

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the definition of economics?

The study of human behavior and attitudes
The study of past events and the impact they have had on people
The study of political and social interactions
The study of the production and distribution of goods and services

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the difference between a shortage and scarcity?

A shortage is temporary but scarcity always exists

A shortage results from rising prices; scarcity results from falling prices

A shortage is lack of all goods and services; scarcity concerns a single item

There is no real difference between a shortage and scarcity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Oil, water, and wood are examples of ______________ resources.

Land

Labor

Capital

Entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Oprah Winfrey, Guy Fieri, and Steve Jobs are examples of ______________ resources.

Land

Labor

Capital

Entrepreneurship

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