Study Guide for Economics and Personal Finance

Quiz
•
Social Studies
•
12th Grade
•
Easy
John Robinson
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What is trade?
focusing on one aspect of production
When producers and consumers voluntarily agree to sell their personal rights
When businesses and government provide information on consumers
When producers and consumers voluntarily agree to provide one good or service in return for another.
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Exchanging chips for hats is an economic example of
Specialization
Barter
Scarcity
Absolute Advantage
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Measure of value that allows producers and consumers to determine worth.
Money
Barter
Trade
Utility
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What does utility in economics refer to
giving up one product for another without sacrificing resources
the study of making choices to satisfy their unlimited wants and needs
trading one set of goods for another not using money
advantage of fulfillment a person receives from consuming a good or service
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Little Jon makes it a priority to attend every school day his senior year in order to pass his classes. In economics, he is responding to...
mixed economies
Traditional Costs
Incentives
Barter system
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
▫Economic activities are usually centered toward the family, tribe, or ethnic group
Traditional Economies
Command Economies
Market Economies
Mixed Economies
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Government or other central authority makes all economic decisions
Mixed Economies
Traditional Economies
Market Economies
Command Economies
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