Economics Final Exam Practice 12R

Economics Final Exam Practice 12R

12th Grade

40 Qs

quiz-placeholder

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Economics Final Exam Practice 12R

Economics Final Exam Practice 12R

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Mr Snyder

Used 7+ times

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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the recommended strategy for managing credit card debt?

Paying only the minimum payment each month

Ignoring the debt until it goes away

Paying off the balance in full each month

Transferring the debt to another credit card

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity exists because human beings have

limited resources with which to satisfy unlimited needs and wants

a long tradition of competing for natural resources

imperfect methods of refining raw materials and creating capital

always consumed all natural resources faster than they could replenish them

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Food, shelter, and clothing constitutes people's

capital

resources

needs

services

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The "Father of Capitalism" is

Thomas Jefferson

Karl Marx

Adam Levine

Adam Smith

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy where decisions of what to buy are based solely on an individuals choice is known as

Command

Traditional

Market

Mixed

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are economic goals of the United States EXCEPT

Economic Freedom

Economic Equity

Economic Growth

Economic Stagnation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An installment debt is when

consumers pay back the debt all at once

consumers receive the borrowed money in equal monthly in

consumers pay back the loan in quarterly payments

consumers pay back the loan over an extended period of time with equal payments every month

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