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Economics Midterm Study Guide

Authored by Nancy Nelson

English

12th Grade

Used 1+ times

Economics Midterm Study Guide
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The three key economic questions are:

What should be produced?

How to produce?

Who should we produce for?

How to produce?

How much do we make?

What is my profit?

Who should we produce for?

What is my profit?

What should we charge for the product?

How much do we produce?

Who should we produce for?

What is the tax?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is economics?

The study of a government's distribution of resources

The study of consumers' spending habits

The study of a society's allocation of resources

The study of buying and selling in the stock market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity can best be defined as

Scarcity can best be defined as

Where demand is greater than supply

Unlimited wants vs Limited resources

Limited wants vs unlimited resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 The major types of resources used to make a product are called  

natural resources

factors of reduction

factors of production

capital resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  

What is the opportunity cost of their decision?

muffins

cookies

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Welch family has saved some money.  They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard.  They decide to spend the money on a swimming pool.

 What is the opportunity cost of their decision?

vacation

swimming pool

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When I choose one item over another because I cant afford both, this is called an ...

scarcity

opportunity cost

choice

incentive

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