Economics-M Quarter 3 Review

Economics-M Quarter 3 Review

12th Grade

33 Qs

quiz-placeholder

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Economics-M Quarter 3 Review

Economics-M Quarter 3 Review

Assessment

Quiz

History

12th Grade

Practice Problem

Medium

Created by

Patrick Winchell

Used 9+ times

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33 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The basic economic problem is:

Profits

Efficiency

Scarcity

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

People are forced to make decisions about how to use resources effectively because:

Exchange depends on shared needs

Dividing resources is a requirement of satisfaction

Resources are limited and wants are unlimited

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is true about the cost of production?

Has an effect on how much profit a business makes

Costs of production never change

The more costs a business has, the more profit it makes

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is an incentive for people to work?

Unsafe working conditions

Low Pay

Medical Insurance

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

As a newspaper carrier, the newspaper may offer you a bonus for every 50 new subscribers you sign up. This is an example of a:

Incentive

Discouragement

Negative Consequence

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

All economies today are actually:

Mixed

Command

Market

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Government owns or controls all or nearly all of the factors of production in which of the following economic systems?

Command

Traditional

Market

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