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Final Exam Study Guide Part 1

Authored by Ashley Harrison

Social Studies

12th Grade

Used 2+ times

Final Exam Study Guide Part 1
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity in economics?

A temporary shortage of goods

A basic, permanent condition that exists because unlimited wants exceed limited productive resources

The abundance of resources

The result of government intervention

2.

DROPDOWN QUESTION

30 sec • 1 pt

(a)   is NOT a strategy for allocating scarce resources.

Price
Majority rule
Unlimited supply
Lottery

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a productive resource?

Natural resources

Entertainment

Fashion trends

Social media

4.

DRAG AND DROP QUESTION

30 sec • 1 pt

Opportunity cost is the (a)   next best alternative.

The total cost of all alternatives
The forgone next best alternative
The price paid for a product
The amount of money saved

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Rational decision-making occurs when:

Marginal costs exceed marginal benefits

Marginal benefits equal or exceed marginal costs

All options are free

Only one choice is available

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do individuals, businesses, and governments typically respond to incentives?

In unpredictable ways

In predictable ways

By ignoring them

By always refusing them

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system answers the three basic economic questions through government planning?

Market economy

Command economy

Mixed economy

Traditional economy

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