Macroeconomics Final Exam Review

Macroeconomics Final Exam Review

11th Grade

79 Qs

quiz-placeholder

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Macroeconomics Final Exam Review

Macroeconomics Final Exam Review

Assessment

Quiz

Other

11th Grade

Practice Problem

Hard

Created by

David Aishton

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79 questions

Show all answers

1.

OPEN ENDED QUESTION

3 mins • 1 pt

Why is scarcity a fundamental problem in economics, and how does it affect decision-making?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What is opportunity cost, and why is it important to consider when making economic decisions?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

How do incentives influence people's choices and behaviors in economic systems?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

How does trade allow for specialization, and why does it benefit all parties involved?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

Who determines what goods and services are produced in a market economy, and how are these decisions made?

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6.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the “invisible hand” as described by Adam Smith, and how does it guide market economies?

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7.

OPEN ENDED QUESTION

3 mins • 1 pt

What is market failure, and what are some examples of situations where it might occur?

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