Economics Final Exam 2025 With
100% Correct Answers
Economics is about - CORRECT ANSWER✔✔Choice people make to satisfy their needs and
wants
Food, clothing, and shelter are examples of human - CORRECT ANSWER✔✔need
A resource is - CORRECT ANSWER✔✔materials that are needed by a producer to make a good
or service
the buildings, structures, machinery, and tools used in the production process are called -
CORRECT ANSWER✔✔capital resources
an entrepreneur is a - CORRECT ANSWER✔✔person who is willingly risk failure to start a new
business or introduce a new product
The basic fact of economic life is - CORRECT ANSWER✔✔scarcity
You are in the clothing store. You see a pair of pants and a T-shirt that you like. However, you
have
only enough money for one item of clothing. You decide to buy the pants. What is the
opportunity cost
of your choice? - CORRECT ANSWER✔✔first item over the second item
an accepted medium of exchange is known as - CORRECT ANSWER✔✔money
, the term that means a consumer can use an item before they have completely paid for it is -
CORRECT ANSWER✔✔credit
in truth, all economies today are - CORRECT ANSWER✔✔mixed economies
in which economic system are the answers to the basic economic questions determined by
custom - CORRECT ANSWER✔✔traditional system
the economic system in which the basic economic questions are answered by government
planners are called a - CORRECT ANSWER✔✔command planned system
economic system be individuals answer the basic economic questions - CORRECT
ANSWER✔✔market system
according to Adam Smith, the invisible hand that helps guide the economy is - CORRECT
ANSWER✔✔self-interest acts, free market
ownership of private property is a characteristic of - CORRECT ANSWER✔✔free enterprise,
mixed market economy
making the best use of scarce resources is called economic - CORRECT ANSWER✔✔efficiency
the two concerns of the goal of economic stability are - CORRECT ANSWER✔✔full employment
and stable prices
in economics, the amount of a product a consumer is willing and able to buy at various possible
prices during a given time is called - CORRECT ANSWER✔✔demand
100% Correct Answers
Economics is about - CORRECT ANSWER✔✔Choice people make to satisfy their needs and
wants
Food, clothing, and shelter are examples of human - CORRECT ANSWER✔✔need
A resource is - CORRECT ANSWER✔✔materials that are needed by a producer to make a good
or service
the buildings, structures, machinery, and tools used in the production process are called -
CORRECT ANSWER✔✔capital resources
an entrepreneur is a - CORRECT ANSWER✔✔person who is willingly risk failure to start a new
business or introduce a new product
The basic fact of economic life is - CORRECT ANSWER✔✔scarcity
You are in the clothing store. You see a pair of pants and a T-shirt that you like. However, you
have
only enough money for one item of clothing. You decide to buy the pants. What is the
opportunity cost
of your choice? - CORRECT ANSWER✔✔first item over the second item
an accepted medium of exchange is known as - CORRECT ANSWER✔✔money
, the term that means a consumer can use an item before they have completely paid for it is -
CORRECT ANSWER✔✔credit
in truth, all economies today are - CORRECT ANSWER✔✔mixed economies
in which economic system are the answers to the basic economic questions determined by
custom - CORRECT ANSWER✔✔traditional system
the economic system in which the basic economic questions are answered by government
planners are called a - CORRECT ANSWER✔✔command planned system
economic system be individuals answer the basic economic questions - CORRECT
ANSWER✔✔market system
according to Adam Smith, the invisible hand that helps guide the economy is - CORRECT
ANSWER✔✔self-interest acts, free market
ownership of private property is a characteristic of - CORRECT ANSWER✔✔free enterprise,
mixed market economy
making the best use of scarce resources is called economic - CORRECT ANSWER✔✔efficiency
the two concerns of the goal of economic stability are - CORRECT ANSWER✔✔full employment
and stable prices
in economics, the amount of a product a consumer is willing and able to buy at various possible
prices during a given time is called - CORRECT ANSWER✔✔demand
