Cambridge AS Economics Final Exam

Cambridge AS Economics Final Exam

12th Grade

•

65 Qs

quiz-placeholder

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Cambridge AS Economics Final Exam

Cambridge AS Economics Final Exam

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Easy

Created by

Cheryl Massey

Used 1+ times

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65 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental economic problem?

Scarcity of resources

Abundance of resources

Equal distribution of wealth

Unlimited wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between wants and needs?

Wants are essential, needs are not

Needs are essential, wants are not

Wants and needs are the same

Needs are unlimited, wants are limited

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of opportunity cost?

It measures the cost of a good in terms of another good

It determines the price of a product

It is irrelevant in decision making

It is the same as accounting cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four factors of production?

Land, labor, capital, entrepreneurship

Money, time, effort, resources

Goods, services, labor, capital

Land, labor, goods, services

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by the division of labor?

Specialization of tasks

Equal distribution of work

Random assignment of tasks

Centralized decision making

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the characteristics of a market economy?

Government control, planned production

Free market, supply and demand

Central planning, fixed prices

Mixed ownership, regulated prices

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are resources allocated in a planned economy?

By government planning

By market forces

By individual choice

By random distribution

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