Economics Course Review

Economics Course Review

12th Grade

20 Qs

quiz-placeholder

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Economics Course Review

Economics Course Review

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Charles Reta

Used 38+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the fundamental economic problem that leads to the concept of scarcity?

Unlimited resources and limited wants

Limited resources and unlimited wants

Equal resources and wants

Abundance of resources and wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, who makes the majority of economic decisions?

Government officials

Central planners

Consumers and producers

International organizations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you choose to spend $50 on a textbook instead of concert tickets, what is your opportunity cost?

The $50 spent

The textbook

The concert tickets

Future earning potential

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system features heavy government control over resource allocation?

Free market economy

Command economy

Traditional economy

Laissez-faire economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Law of Demand, what happens when the price of a good increases?

Quantity demanded increases

Supply increases

Quantity demanded decreases

Supply and demand remain constant

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary tool of monetary policy?

Government spending

Interest rates

Tax rates

Trade policies

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of unemployment occurs when workers are between jobs?

Structural unemployment

Cyclical unemployment

Seasonal unemployment

Frictional unemployment

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