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Economics and Personal Finance Final Exam

Authored by Yates Jensen

Social Studies

11th Grade

Used 64+ times

Economics and Personal Finance Final Exam
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100 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental economic problem that all societies face?

Abundance of resources
Scarcity of resources
Equal distribution of resources
Unlimited resources

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which term refers to the value of the next best alternative that is forgone when a choice is made?

Scarcity
Opportunity cost
Wants
Needs

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is an example of a need?

Smartphone
Shelter
Designer clothing
Vacation

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a supermarket, what primarily determines what products are stocked on the shelves?

Consumer demand and supply

Government directives

Custom and tradition

Central planning

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a hypothetical country, the government is in control of resources and production, and everything is centrally planned. What type of economic system does this country follow?

Market economy

Traditional economy

Command economy

Mixed economy

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economic system is characterized by private ownership of resources and competition in the marketplace?

Capitalism
Socialism
Communism
Mixed economy

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, who typically makes decisions about what and how much to produce?

Private businesses
Consumers
Government authorities
Market forces

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