ECONOMICS FINAL EXAM

ECONOMICS FINAL EXAM

12th Grade

70 Qs

quiz-placeholder

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ECONOMICS FINAL EXAM

ECONOMICS FINAL EXAM

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Jomaul Mason

Used 5+ times

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70 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes why scarcity is a basic economic problem for every society?

There are unlimited resources available

People have unlimited wants but limited resources

Governments control all resources

Technology has eliminated scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a production-possibilities curve primarily show?

The maximum profit a company can make

The trade-offs between producing two different goods

The minimum amount of resources needed for production

The optimal price for a product

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the four economic factors of production?

Land

Labor

Capital

Money

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economic concept describes the next best alternative that must be given up when making a choice?

Opportunity cost

Marginal utility

Economic efficiency

Comparative advantage

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which combination represents the three basic economic questions that all societies must answer?

Who, what, where

What, when, why

What, how, for whom

Where, when, who

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does an increase in price generally affect the quantity demanded of a good?

It increases the quantity demanded

It decreases the quantity demanded

It has no effect on the quantity demanded

It causes the demand curve to shift right

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a non-price determinant that can change demand?

The price of the good itself

Consumer income

The quantity supplied

The cost of production

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