Economics Practice Final

Economics Practice Final

12th Grade

22 Qs

quiz-placeholder

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Economics Practice Final

Economics Practice Final

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

MATT WILSON

Used 2+ times

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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All societies must answer these three questions:

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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