
Economics Final Study Guide

Quiz
•
Social Studies
•
12th Grade
•
Hard
Charles McDaniel
Used 5+ times
FREE Resource
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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