All societies must answer these three questions:
Economics Practice Final

Quiz
•
Social Studies
•
12th Grade
•
Hard
MATT WILSON
Used 2+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
WHAT to produce, HOW to produce it, and FOR WHOM it is to be produced?
WHAT to produce, HOW to produce it, and WHEN to produce it?
WHAT to produce, HOW to produce it, and WHY to produce it?
WHAT to produce, HOW to produce it, and WHO produces it?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of:
business
finance
international trade
choice
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following descriptions best explains the meaning of opportunity cost?
the initial cost of starting a new business
the cost of business failure
the cost of choosing one alternative over another
the risk associated with a new product failing
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The four factors of production are:
land, capital, labor, and resources
land, labor, entrepreneurs, and consumers
tools, machinery, factories, and costs
land, labor, capital, and, entrepreneurs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A point inside the production possibilities curve represents -
An efficient use of resources.
Future output
An inefficient use of resources.
An impossibility given current resources.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would result in a change in the production possibilities curve in a mythical country Alpha?
an influx of immigrants from other countries
the discovery of an abundant natural resource
a long drought
all of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the product market of the circular flow model –
firms buy finished products from households
consumers buy factors of production from firms
firms sell factors of production to the government
consumers buy finished products from firms
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