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Econ and Gov Midterm Review

Authored by Michelle Flanigan

Social Studies

4th - 12th Grade

Used 2+ times

Econ and Gov Midterm Review
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is economic scarcity?

The fact that it is hard to find a job

The idea that everything has a cost

a flaw in free market capitalism

The idea that everything has a limited supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This economic system has leaders telling others what to do. Some person or people control the economy.

Traditional

Command

Market

Limited

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In this type of economic system, businesses produce what consumers want to buy

Traditional

Limited

Timed

Market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If an economy is producing inside its production possibilites curve, what might be happening?

It is a communist nation

Not enough information to answer

It is a flawed system

All resources are not being fully used

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a positive relationship

When x goes up, y stays the same

When x goes up, y goes up

When y goes up x stays the same

When x goes up y goes down

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The idea that they government should stay out of the economy

Laissez-Faire

Socialism

Republicanism

Patriotism

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The expansion and contraction of the economy over time

Recession

Business Cycle

Competition

Law of Demand

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