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Economics Final Review

Quiz by Tabitha Neufeld

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20 questions
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  • Q1
    A consumer is
    A person who buys and uses goods and services
    None of the Above
    the value or price of goods or services
    a condition where human wants exceed available resources
    60s
  • Q2
    Cost is
    A person who buys and uses goods and services
    The value or price of goods or services
    None of the Above
    Anything given up when a choice is made, in time or money
    60s
  • Q3
    Demand is
    An action performed by another that can satisfy wants or needs
    Anything given up when a choice is made, in time or money
    None of the Above
    The quantity of a good or service that buyers are willing to buy
    60s
  • Q4
    An entrepreneur is
    An index that measures the average level of prices of goods and services typically consumed by an urban American family
    None of the Above
    A person who creatively combines resources to produce and sell a good or service.
    The value or price of goods or services
    60s
  • Q5
    Opportunity Cost is
    A measure of the production of goods and services within a country
    None of the Above
    Anything given up when a choice is made, in time or money
    The concentration of effort on only one task or a few tasks
    60s
  • Q6
    Scarcity is
    A condition where human wants exceed available resources
    The concentration of effort on only one task or a few tasks
    Any product that is produced and sold but also has value of its own
    None of the Above
    60s
  • Q7
    Service means
    Any product that is produced and sold but also has value of its own
    None of the Above
    An action performed by another that can satisfy wants or needs
    The concentration of effort on only one task or a few tasks
    60s
  • Q8
    Specialization is
    The value or price of goods or services
    None of the Above
    A person who buys and uses goods and services
    The concentration of effort on only one task or a few tasks
    60s
  • Q9
    Supply is
    None of the Above
    A measure of the production of goods and services within a country
    An action performed by another that can satisfy wants or needs
    The quantity of goods or services that sellers are willing to sell
    60s
  • Q10
    Commodity is
    The value or price of goods or services
    An index that measures the average level of prices of goods and services typically consumed by an urban American family
    Any product that is produced and sold but also has value of its own
    None of the Above
    60s
  • Q11
    Consumer Price Index is
    None of the Above
    The value or price of goods or services
    An index that measures the average level of prices of goods and services typically consumed by an urban American family
    The concentration of effort on only one task or a few tasks
    60s
  • Q12
    Gross Domestic Product is
    None of the Above
    An index that measures the average level of prices of goods and services typically consumed by an urban American family
    A measure of the production of goods and services within a country.
    a condition where human wants exceed available resources.
    60s
  • Q13
    Capitalism (free market) is an economic system where:
    Most of the private citizens are entrepreneurs
    The government owns all businesses
    The government owns none of the businesses
    Some of the businesses are owned and run by private citizens
    60s
  • Q14
    The government plays a role in economics by
    Making laws that try to prevent companies from taking unfair advantage of each other
    Providing goods and services
    All of the above
    Investigating safety standards
    60s
  • Q15
    The price of an item is based on
    Cost to produce and ship the item
    Supply
    All of the above
    Demand
    60s

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