Study Guide for Economics and Personal Finance

Study Guide for Economics and Personal Finance

12th Grade

15 Qs

quiz-placeholder

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Study Guide for Economics and Personal Finance

Study Guide for Economics and Personal Finance

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

John Robinson

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A local yard sale would be considered which economic system?

Mixed Economies

Market Economies

traditional Economies

command Economies

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Government serves to protect both producers and consumers from unfair policies and practices

Mixed Economies

market Economies

traditional Economies

command Economies

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to Adam Smith, everyone makes decisions that are best for themselves

MACRO Economics

Opportunity Costs

Invisible Tradeoff Theory

Invisible Hand Theory

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Economy is...

a complex system of: production, consumption and exchange activities

a study of how people allocate scarce resources

a condition where not enough resources are available to meet all the needs and desires

the basic problem in economy

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Resources are...

The inputs that society uses to produce output/goods

The basic problem in economics

The goods and services that people produce

The output that society uses to produce inputs

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Scarcity is

a condition where not enough output are available to meet all the services

a condition where not enough desires are available to meet all the needs

a condition where not enough resources are available to meet all the needs and desires

a condition where not enough resources are available to meet all the output

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The focus of economics is...

How society allocates resources and goods

How society allocates services and goods

How society allocates scarce resource and free resource

How society allocates needs and goods

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