What are the three economic questions?

What to produce, how to produce, for whom to produce

What to produce, how to produce, why to produce

What to make, when to make it, for whom to make it for

Which of the four represents the four factors of production?

natural resources, capital, entrepreneurship, labor

capital goods, services, government, entrepreneurship

labor, capital, services, natural resources

needs, wants, goods, and services

A business based on a fad, like the pet rock, is most likely to

make quick, large profits which then drop off dramatically.

have fluctuating profits, marked by quick increases and decreases.

have a slow increase in profits over several years.

take a sharp loss and go bankrupt within a year.

If dry pasta began to receive more consumer votes through increased purchases, producers likely would

allocate more resources into the production of dry pasta.

allocate fewer resources into the production of dry pasta.

increase the amount of frozen pasta being produced.

decrease the types of dry pasta being produced.

The law of demand states that people

buy less as the price increases and buy more as the price decreases.

buy more as the price increases and buy less as the price decreases.

allow income to determine their demand for a good.

The law of diminishing marginal utility means that

a consumer enjoys their first glass of water more than their last.

a consumer enjoys their last glass of water more than their first.

a consumer enjoys each glass of water the same.

Which of the following would increase demand for fidget spinners?

a new study showing the benefits of fidget spinners while studying

Which of the following would increase the supply of Chromebooks?

improvements in the production process from new technology.

increasing the price of Macbooks.

A tax on Chromebook manufacturers.

Why does scarcity exist?

the allocation of resources is unequal

The United States decides what goods to produce by letting

the producers and consumers decide.

the producers and government decide.

An example of a trade-off is

giving up going to a movie to spend time shopping.

giving up going to a movie because it got bad reviews.

going to a movie to see your favorite movie star.

going to a movie because it got good reviews.

What is another name for the production possibilities curve?

production possibilities frontier

production possibilities border

production possibilities perimeter

What does the point inside the PPC indicate?

not all resources are fully employed

all resources are fully employed

Karl Marx predicted that in time

workers would overthrow the industrial system.

workers would be totally dominated by the industrial system.

factory workers would revise the industrial system.

factory owners would abandon the industrial system.

In economic terms, laissez faire means that the government

supports socialism and capitalism.

businesses are customers and individuals are producers.

individuals are customers and businesses are producers.

individuals buy goods and services.

Economists look to which of the following explanations for inflation?

demand for goods exceeds supply, as in wartime

producers raise prices in order to meet increased costs

The Federal Reserve System is

twelve regional banks with a central decision-making board

a set of vaults used to store the national treasury

an agency in Washington, D.C., that must approve all banking policies

a network of local banks with a special national charter

The main difficulty of a barter system is finding

two people who have what each other wants

a form of money that both parties will accept

a third party to evaluate the goods to be traded

trade goods that will retain their value over time

Economics Final Exam

Authored by Aaron McWaters

Social Studies

12th Grade

Used 13+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View
Student View

50 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What forces people to make choices?

need for shelter

scarcity of resources

surplus of goods

desire for profit

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

According to rational economic decision-making, we should accept an option when

the costs outweigh the benefits

there are no costs

the benefits outweigh the costs

there are no benefits

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What economic concept claims that for every choice you make there is a cost?

scarcity

specialization

economic interdependence

opportunity cost

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Economics is the study of

how businesses compete against each other.

how consumers respond to markets.

how world markets interact.

how people make decisions with limited resources.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Societies must choose how to

transfer resources.

limit resources.

allocate resources.

invest resources.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following is a method of allocating resources?

First come, first served

Lottery

Equal for everyone

All of the above

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The stock exchange is an example of a

service.

market.

capital good.

allocation method.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Microsoft

or continue with

Facebook

Apple

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?

Similar Resources on Wayground

50 questions

AP US Government & Politics Terms Test I

Quiz

•

9th - 12th Grade

50 questions

Pelayanan Prima

Quiz

•

12th Grade

50 questions

English Test

Quiz

•

12th Grade

48 questions

Imperialism and WWI

Quiz

•

6th Grade - University

50 questions

GDCD 12 ÔN TẬP GIỮA KỲ II

Quiz

•

12th Grade

50 questions

MELESTARIKAN LINGKUNGAN HIDUP

Quiz

•

12th Grade

50 questions

PERUMUSAN DAN PENGESAHAN UUD

Quiz

•

12th Grade

50 questions

Examen pensamiento crítico 2

Quiz

•

12th Grade

Popular Resources on Wayground

6 questions

PRIDE Always and Everywhere

Presentation

•

12th Grade

20 questions

Lab Safety Quiz

Quiz

•

6th Grade

26 questions

KOR Review Kahoot Questions

Quiz

•

8th Grade

21 questions

Continents and Oceans

Quiz

•

6th Grade

12 questions

Unit Zero lesson 2 cafeteria

Presentation

•

9th - 12th Grade

20 questions

Parts of Speech

Quiz

•

5th Grade

10 questions

Riddles Riddles fun Riddles

Quiz

•

6th - 12th Grade

16 questions

Subject & Predicate

Quiz

•

5th Grade

Discover more resources for Social Studies

6 questions

PRIDE Always and Everywhere

Presentation

•

12th Grade

6 questions

PRIDE in the Hallways and Bathrooms

Presentation

•

12th Grade

30 questions

AP Human Geography Unit 1

Quiz

•

9th - 12th Grade

64 questions

USHC 4 Key Terms 22-23

Quiz

•

11th Grade - University

10 questions

Federalism Quiz

Quiz

•

12th Grade

27 questions

MR. DROHAN'S RECONSTRUCTION REVIEW (SY25)

Quiz

•

9th - 12th Grade

22 questions

American Revolution Review

Quiz

•

9th - 12th Grade

16 questions

Unit 1-2 Quiz

Quiz

•

12th Grade

Economics Final Exam

What forces people to make choices?

According to rational economic decision-making, we should accept an option when

What economic concept claims that for every choice you make there is a cost?

Economics is the study of

Societies must choose how to

Which of the following is a method of allocating resources?

The stock exchange is an example of a

What are the three economic questions?

In a command economy, who answers the three economic questions?

Which of the four represents the four factors of production?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Social Studies