High School Economics Exam Questions
With Correct Answers
This is the situation where some necessities have little value while non-
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necessities have a much higher value. - CORRECT ANSWER✔✔-paradox
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of value
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These are manufactured goods that are needed to produce other goods
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and services. - CORRECT ANSWER✔✔-capital goods
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A decision making grid can be used to evaluate these. - CORRECT
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ANSWER✔✔-alternative choices of action | | |
Where would one find a division of labor? - CORRECT ANSWER✔✔-
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assembly line |
Why is the study of economics important? - CORRECT ANSWER✔✔-
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helps us make better decisions
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This is the dollar value of all final goods and services and the most
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comprehensive measure of a country's total production output. -
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CORRECT ANSWER✔✔-gross domestic product (GDP)
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, This is a popular model used to illustrate the concept of opportunity
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cost. - CORRECT ANSWER✔✔-production possibilities frontier
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An economy at its production possibilities frontier is operating at this. -
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CORRECT ANSWER✔✔-full potential | |
This is the money used to buy the tools and equipment needed for
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production. - CORRECT ANSWER✔✔-financial capitol
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When actions in part of the country or world have an economic impact
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on what happens elsewhere it is an example of what? - CORRECT
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ANSWER✔✔-economic interdependence |
What is the purpose of government in a command economy? -
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CORRECT ANSWER✔✔-make major economic descicions
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Give an example of a market economy. - CORRECT ANSWER✔✔-United
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States
Give examples of the economic and social goals. - CORRECT
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ANSWER✔✔-Economic: freedom, efficiency, equity, security, growth, | | | | |
full employment and price stability
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With Correct Answers
This is the situation where some necessities have little value while non-
| | | | | | | | | | |
necessities have a much higher value. - CORRECT ANSWER✔✔-paradox
| | | | | | | | |
of value
|
These are manufactured goods that are needed to produce other goods
| | | | | | | | | | |
and services. - CORRECT ANSWER✔✔-capital goods
| | | | |
A decision making grid can be used to evaluate these. - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-alternative choices of action | | |
Where would one find a division of labor? - CORRECT ANSWER✔✔-
| | | | | | | | | |
assembly line |
Why is the study of economics important? - CORRECT ANSWER✔✔-
| | | | | | | | |
helps us make better decisions
| | | |
This is the dollar value of all final goods and services and the most
| | | | | | | | | | | | | |
comprehensive measure of a country's total production output. -
| | | | | | | | |
CORRECT ANSWER✔✔-gross domestic product (GDP)
| | | |
, This is a popular model used to illustrate the concept of opportunity
| | | | | | | | | | | |
cost. - CORRECT ANSWER✔✔-production possibilities frontier
| | | | |
An economy at its production possibilities frontier is operating at this. -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-full potential | |
This is the money used to buy the tools and equipment needed for
| | | | | | | | | | | | |
production. - CORRECT ANSWER✔✔-financial capitol
| | | |
When actions in part of the country or world have an economic impact
| | | | | | | | | | | | |
on what happens elsewhere it is an example of what? - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-economic interdependence |
What is the purpose of government in a command economy? -
| | | | | | | | | | |
CORRECT ANSWER✔✔-make major economic descicions
| | | |
Give an example of a market economy. - CORRECT ANSWER✔✔-United
| | | | | | | | | |
States
Give examples of the economic and social goals. - CORRECT
| | | | | | | | | |
ANSWER✔✔-Economic: freedom, efficiency, equity, security, growth, | | | | |
full employment and price stability
| | | |
