Economics Final Review

Economics Final Review

12th Grade

45 Qs

quiz-placeholder

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Economics Final Review

Economics Final Review

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Jessica Grizzle

Used 1+ times

FREE Resource

45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how individuals and societies use scarce resources to fulfill wants called?

Biology

Economics

Chemistry

Physics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wants are desires satisfied by ________.

goods/services

money

time

effort

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means:

There are enough resources to meet all wants.

Not enough resources to meet all wants.

All wants are satisfied.

Resources are unlimited.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the three basic economic questions?

What will be produced?

How will it be produced?

Where will it be produced?

For whom will it be produced?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land, labor, and capital are known as ________.

factors of production

means of transportation

types of government

forms of energy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is the limited nature of resources. How does scarcity force choices?

It allows unlimited wants to be satisfied.

It forces people to make decisions about how to use resources.

It eliminates the need for decision-making.

It increases the availability of resources.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a trade-off and opportunity cost is:

Choosing to study instead of going out with friends, where the opportunity cost is the fun missed with friends.

Buying a new phone when your old one still works.

Eating breakfast in the morning.

Walking to school instead of taking the bus.

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