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Economics Test Review

Authored by Hurst, Brianna

Social Studies

12th Grade

Used 2+ times

Economics Test Review
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15 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What happens to a demand curve if consumer income increases.

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2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A new technology makes it cheaper to produce smartphones. What happens to the supply curve?

It shifts to the right

It shifts to the left

It remains unchanged

It becomes vertical

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best represents an opportunity cost?

Buying a phone and getting a free case

Choosing to study instead of going out with friends

Earning a paycheck for working overtime

Selling a used car to buy a new one

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an entrepreneur?

A farmer harvesting crops

A teacher educating students

A person starting their own online business

A company buying new machines

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a country's real GDP increases, this means:

Prices of goods have increased

The economy has produced more goods and services

The inflation rate has risen

The unemployment rate is higher

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the U.S. GDP decreases for two consecutive quarters, what is the country experiencing?

Inflation

A recession

A budget surplus

Deflation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to a supply curve shifts when raw material costs decrease?

It shifts to the right

It shifts to the left

It remains unchanged

It becomes vertical

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