Social Studies

12th

grade

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Economics Midterm Practice

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44 questions

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  • 1. Multiple Choice
    45 seconds
    1 pt
    What is scarcity? 
    Giving something up to have something else
    Extra cost of production
    The condition that results form having unlimited wants with limited resources
    Rise in general level of prices and workers need more money
  • 2. Multiple Choice
    45 seconds
    1 pt

    What is Marginal Advantage (Analysis)?

    Making a decision by comparing costs and benefits

    Making a decision by comparing scarcity and choice

    Living on the edge because you have an advantage

    The advantage of using margarine

  • 3. Multiple Choice
    45 seconds
    1 pt
    Which of the following is NOT a natural resource?
    Oil
    Water
    Car
    Air
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