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Economics FINAL Review

Authored by Justin Rathjen

Social Studies

11th Grade

Used 4+ times

Economics FINAL Review
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53 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four factors of production?

Land, Labor, Capital,

Land, Labor, Money,

Resources, Capital, Management

Land, Machines, Entrepreneurship

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a goal of the economy focused on fair distribution of wealth?

Efficiency

Equity

Growth

Stability

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a capitalist economy, who owns the businesses?

The government

Private individuals

Non-profit organizations

International corporations

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

Unlimited resources

Limited resources forcing choices

Excessive production

Abundance of goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The money spent on a purchase

The time taken to make a decision

What you give up when choosing one option over another

The profit made from a business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are trade-offs in decision-making?

The benefits we gain from a decision

The alternatives we give up when making a decision

The costs associated with a decision

The outcomes of a decision

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, who makes the economic decisions?

The government

Individuals based on supply and demand

International organizations

Local authorities

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