Economics Final Exam Review 2025

Economics Final Exam Review 2025

12th Grade

60 Qs

quiz-placeholder

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Economics Final Exam Review 2025

Economics Final Exam Review 2025

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Anthony Paradise

Used 2+ times

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60 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Societies are faced with three basic questions about the production of goods?

what, how, and why

what, where, and when

what, how, and for whom

when, where, and for whom

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following descriptions best explains the meaning of opportunity cost?

The initial cost of starting a new business.

The cost of business failure.

The cost of choosing one alternative over another.

The risk associated with producing a new item.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the factors of production involves taking risks and combining resources to produce a good or service?

Land

Labor

Capital

Entrepreneurs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements best describes the purpose of a production possibilities frontier?

It predicts the future production of a nation.

It identifies trends in production.

It shows which products are most profitable.

It identifies all possible combinations of goods and services an economy can produce.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these economic systems have the least in common?

Market economy and capitalism

Command economy and socialism

Command economy and capitalism

Free-enterprise economy and market economy.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy is the most prevalent in the world today?

Mixed

Market

Command

Traditional

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The dollar value of all final goods, services, and structures produced in a country in a year is known as ?

Gross Domestic Product

Gross National Product

Franchise

Profit motive

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