
ECONOMICS FINAL EXAM
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Jomaul Mason
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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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