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Econ Midterm Review

Authored by Ambur Misercola

Social Studies

12th Grade

Used 2+ times

Econ Midterm  Review
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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is the Opportunity Cost of buying a new pair of sneakers at the mall?

the production cost of the sneakers
the compliments that you will receive from your friends on your good taste
the satisfaction that you get from wearing the sneakers
the dollar value of the jeans and t-shirt you could have purchased instead.

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The number of outputs produced by a given number of inputs is a measure of

stability
equity
productivity
efficiency

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A production possibilities frontier model (curve) would be most useful in:

determining the price of scarce resources
analyzing the trade-off between efficiency and growth
analyzing the trade-off between producing two products
evaluating the role that government plays in the economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Money is

the same thing as credit
what keeps people interdependent
a standardized means of exchange
being replaced by the barter system

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Economic efficiency is making the best use of

free enterprise
productivity
a non-specialized workforce
scarce resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A society is trying to decide whether to produce electricity using coal, natural gas, or nuclear reactors. This issue best illustrates how a society might have to decide:

what to product
how to produce
how much to produce
for whom to produce

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

As a factor of production, what is capital?

machinery, tools, and buildings
timber, water, and raw materials
workers producing the products
the person organizing the business

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