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Economics Midterm Review

Authored by Ellen Peyton

Social Studies

12th Grade

Used 8+ times

Economics Midterm Review
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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The opportunity cost of a good is

the time lost in finding it

the quantity of other goods sacrificed to get another unit of that good

the expenditure on the good

the loss of interest in using savings

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of

production technology

consumption decisions

how society decides what, how, and for whom to produce

the best way to run society

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A resource is scarce if supply exceeds demand at zero price

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a free market __________ ___________

governments intervene

governments plan production

governments interfere

prices adjust to reconcile scarcity and desires

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the mixed economy

economic problems are solved by the government and market

economic decisions are made by the private sector and free market

economic allocation is achieved by the invisible hand

economic questions are solved by government departments

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Microeconomics is concerned with

the economy as a whole

the electronics industry

the study of individual economic behavior

the interactions within the entire economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Macroeconomics is the study of ___________________

individual building blocks in the economy

the relationship between different sectors of the economy

household purchase decisions

the economy as a whole

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