
Econ Final Spring 2024
Authored by Matt Commons
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49 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Societies are faced with which three basic questions about production of goods?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The definition of Scarcity is..
3.
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?
cookies
muffins
pies
time
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of how individuals, businesses, governments, and societies manage, distribute, and use limited resources is called:
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Factors of production such as water, sunlight, oil, timber, and minerals, are called:
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which type of economic system are the factors of production controlled and managed by the government?
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A common feature of the economic systems in the United States and Canada is that both allow people to own private property
allow people to own private property
restrict factory ownership to the government
place a salary cap on business leaders' earnings
use government quotas to determine what to produce
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