Economic Final Review  2025

Economic Final Review 2025

12th Grade

40 Qs

quiz-placeholder

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Economic Final Review  2025

Economic Final Review 2025

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Juan Sarabia Parra

Used 5+ times

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40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means that resources are limited while wants are unlimited.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is the value of the worst choice you could have made.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Labor includes both mental and physical effort in the production process.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital only refers to money used in business.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurs take risks and innovate to start and manage businesses.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The circular flow model shows how goods, services, and money move between businesses and households.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, the government decides what to produce and for whom.

True

False

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