Economics/Personal Finance Final Exam Study Guide

Economics/Personal Finance Final Exam Study Guide

12th Grade

73 Qs

quiz-placeholder

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Economics/Personal Finance Final Exam Study Guide

Economics/Personal Finance Final Exam Study Guide

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Created by

PAUL STODGHILL

Used 10+ times

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73 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Taking advantage of a worker's skills and allowing them to focus on a specific task

specialization

allocation

consumer sovereignty

voluntary exchange

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When producers/consumers make choices, they should examine the 2nd best option

incentive

opportunity cost

specialization

scarcity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An acre of land, water and oil are examples of this type of resource

capital

entrepreneur

natural

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Basic problem of economics in which there are limited resources & unlimited wants

demand

opportunity cost

scarcity

product

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Various ways an economy decides to distribute resources

allocation

efficiency

voluntary exchange

shared liability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Improvements in healthcare, education and production can lead to an improved overall well-being for citizens which is called

standard of living

rational decision

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of the choices people make to satisfy their wants and needs

macroeconomics

economics

GDP

allocate

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