
Economics Final Exam Review
Authored by Cormack Matthews
Social Studies
12th Grade
Used 72+ times

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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Any resources that are made by humans and used to create other goods and services are called
services.
production.
capital.
labor.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a shortage is limited amounts of
water available for irrigating a crop because it is used for other crops.
labor available because the workers have other jobs.
food available because the trucks carrying it are on strike.
food available because few people want to buy it.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The resources used to make all goods and services are the
production possibilities.
factors of production.
production trade-offs.
opportunity costs.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are all goods and services scarce?
Some goods cost more than others.
All resources are scarce.
Some things are needs and others are wants.
Some people want to have more goods than others.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a factory building an example of?
human capital
physical capital
an economic trade-off
technology
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How would you describe an economy that uses its resources to make the greatest possible number of goods and services?
efficient
using opportunity cost well
globally aware
underutilized
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following makes someone an entrepreneur?
earning a lot of money as a computer programmer
becoming a highly paid dancer
running a service that hires people to install sprinkler systems in lawns
inventing and selling the rights to manufacture a computer game
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