Economics Final Study Guide

Economics Final Study Guide

12th Grade

63 Qs

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Economics Final Study Guide

Economics Final Study Guide

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Charles McDaniel

Used 5+ times

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63 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the curve shifts to the left, what most likely happened?

The price of raw materials decreased

Taxes decreased

A technological advancement

The price of input costs increased

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company wants to make trucks, sports cars, and SUVs but does not have the capability to produce all three types of vehicles. They decided to make only SUVs. What economic term is applied to trucks and sports cars?

Monopoly

Slowdown

Opportunity cost

Capital resource

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would likely cause an increase in demand for a good right now?

Expectations that the price of the good may increase dramatically in the future

A decrease in the popularity of the good

A decrease in population

A decrease in disposable income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is a Command economy described in the context of economics?

One in which prices are determined by supply and demand

One in which a central authority/government decides what will be produced

One in which individual profits are encouraged

One in which all economic decisions are made by individuals in the private sector

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Susie Smith is a celebrity who is famous for her fashion advice. She recently wore a scarf and spoke publicly about how much she liked it. What is likely to happen to the supply of that scarf and why?

It depends what happens to the demand curve, if the demand curve moves to the left, supply will increase.

It will increase, because as the demand for a product increases, the supply increases.

The supply of the scarf will not be affected

It will decrease, because the demand will rise and everyone will purchase it.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sally works in a private company that has to follow government rules for public safety. What type of economy does this scenario best describe?

Market

Mixed

Command

Traditional

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The basic economic problem that all individuals, businesses, and governments must solve is:

Satisfying unlimited wants with limited resources

Guaranteeing that everyone has a bank account

Making sure that all resources are used

Updating jobs to take advantage of the newest technology

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