
Economics Final Review
Authored by Elisha Sputo
Social Studies
9th - 12th Grade
Used 2+ times

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26 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If you choose to go out for pizza, you forgo the opportunity to get Chick fil A, McDonalds, or Carrabba's. These other options are called...
trade offs
opportunity cost.
incentives.
scarce resources.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is it called when you weigh the pro's and con's when making a decision
incentives
thinking at the margin
trade offs
cost-benefit analysis
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to Dave Ramsey, when purchasing a home, how much of your monthly take home pay should you spend on your monthly mortgage?
10%
25%
40%
50%
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to Dave Ramsey, how much should you put down in cash for a down payment on a home?
3-5% of the total cost of the home
5-10% of the total cost of the home
10-20% of the total cost of the home
20-30% of the total cost of the home
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an example of a good.
Tutoring a 5th grader
the plumber fixing your sink
A new set of dishes
The waitress serving your food.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Why must people make tradeoffs?
Because of scarcity
Because of incentives
Because of the factors of production
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which type of economy is known for using the barter system?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
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