ECON Final Review

ECON Final Review

12th Grade

25 Qs

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ECON Final Review

ECON Final Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Elizabeth Phillips

Used 10+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity results from ___________.

limited resources and limited wants

unlimited resources and limited wants

unlimited resources and unlimited wants

limited resources and unlimited wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a good would be _________ .

a manicure

a bottle of soda

an oil change

after school tutoring

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a service would be ____________ .

a manicure

a can of soup

new tires

laptops

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does an entrepreneur do in a market economy?

As purchasers of products, they hold all the power.

They protect consumers from unsafe business practices.

They create new business, which in turn creates new products and jobs.

They reflect the will of the majority of the people.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two branches of economics are ____________ .

minieconomics and maxieconomics

exoeconomics and endoeconomics

supereconomics and supraeconomics

microeconomics and macroeconomics

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three basic economic questions?

where, why, and how to produce

what, where, and why to produce

what, how and whom to produce for

who, where, and why to produce

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What determines the answers to the economic questions under a traditional economy?

the government

the free market

cultural customs

scarcity

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