Economics Final Exam Review

Economics Final Exam Review

12th Grade

35 Qs

quiz-placeholder

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Economics Final Exam Review

Economics Final Exam Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Jeff Baxter

Used 10+ times

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35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines economics?

Study of supply and demand

Study of microeconomics and macroeconomics

How to share limited resources amongst wants/needs

How citizens can best produce resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best defines scarcity?

Insufficient supply; not enough to go around

To be wanted and have value

Supply is greater than demand

Demand is greater than supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best defines opportunity cost?

The cost of producing a good or service

The value of the next best alternative

The value of all alternatives

The cost of consuming a good or service

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What defines "factors of production"?

Resources used to produce goods and services

Resources used to consume goods and services

Resources used to dispose of undeeded goods

Resources used to maximize the amount of goods produced

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines a traditional economic system?

Political leaders organize production

Everyone is involved in production and distribution

Customs and traditions are used to organize production and distribution

None of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines a command economic system?

Political leaders organize production and distribution

Everyone is involved in production and distribution

Customs and traditions are used to organize production and distribution

None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines a market economic system?

Political leaders organize production and distribution

Everyone is involved in production and distribution

Customs and traditions are used to organize production and distribution

None of the above

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