Economics Final Exam

Economics Final Exam

12th Grade

20 Qs

quiz-placeholder

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Economics Final Exam

Economics Final Exam

Assessment

Quiz

others

12th Grade

Medium

Created by

Aaron McMains

Used 5+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 10 pts

Each of these is a fundamental economic question except
For Whom to produce?
What to produce?
How to produce?
Where do we produce?

2.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

The fact that there are limited resources to produce limited amounts of goods is known as?

Surplus

Scarcity

Income

Shortage

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Scarcity is considered
The sacrifice involved in decision making
A factor of production
The fundamental problem of economics
An opportunity cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What are the four factors of production?
Labor, Trade Offs, Opportunity Costs, Money
Land, Labor, Capital, Entrepreneurship
Land, Labor, Equity, Entrepreneurship
Land, Capital, Machine, Businesses

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What economic system does the United States use?

Command System (Communism)

Mixed System

Free Market System (Capitalism)

Trade/Barter System

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

The law that states higher price leads to lower quantity demanded and lower price leads to higher quantity demanded.

The Law of Supply

The Law of Opportunity

The Law of Demand

The Law of Scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

The law of supply states that an increase in the price of goods results in an increase in the quantity supplied.

True

False

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