12th Grade Economics Semester Exam 2025

Scarcity arises because all societies have

• Limited resources to satisfy unlimited wants

• Limited needs and unlimited wants

• Unlimited resources to satisfy limited wants

• Unlimited needs and limited wants

Which of the following are factors of production?

• Supply and Demand

• Consumer Preferences and Substitutions

• Labor and Capital

• Opportunity Cost and Trade offs

What is the opportunity cost in this scenario?

• The price of the iPhone

• The price of the concert, transportation, hotel and food

• The price of the iPhone and the concert combined

• None of the above

• $5

• $13

• $18

• $25

What is the opportunity cost of moving from possibility B to possibility A?

• 5 microwaves

• 10 tires

• 25 microwaves

• 30 tires

Which point on the chart would be considered inefficient?

• Point A

• Point B

• Point C

• Point D

Which point on the chart is considered unattainable?

• Point A

• Point B

• Point C

• Point D

What is this graph an example of?

• Demand Curve

• Production Possibilities Curve

• Supply Curve

• Circular Flow Model

What would be the best measurement to compare economies?

• GDP

• GDP per capita

• Unemployment rate

• Debt

Which of the following best describes the United States economy?

• Traditional - traditions and customs are used in order to exchange goods and services

• Market - the exchange of goods and services is controlled solely by supply and demand

• Command - all production and exchange decisions are made by the central government

• Mixed - supply and demand affect the exchange of goods and services alongside some decisions made by the government