Social Studies Concepts: Economics Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following is true of wages and prices in the Keynesian Model?

Question 2 2. What do classical economists believe?

Question 3 3. The _____ Model more accurately describes economic growth in the _____.

Question 4 4. Which of the following best describes opportunity cost?

Question 5 5. Economics is best described as the study of:

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Question 6 6. Which type of production is defined as people laboring to produce goods or obtain food solely for themselves and their family group?

Question 7 7. Economics looks at

Question 8 8. What are the factors of production?

Question 9 9. Which of the following statements is true regarding the relationships in a market economy?

Question 10 10. The perpetual problem in economics is:

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Question 11 11. What type of production is being described in which money buys labor power and the wealthy own the means of production, then pay the common masses to work them?

Question 12 12. Which model of economic growth more accurately describes economic growth in the long-run?

Question 13 13. Assume that you have two hours to spend at the mall. You can either visit the bookstore or enjoy a movie at the theater. The opportunity cost of watching a movie is equivalent to which of the following?

Question 14 14. Because resources are scarce, but wants are not:

Question 15 15. What did Keynes believe?

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Question 16 16. What does the circular flow model of the economy illustrate?

Question 17 17. When savings leaks out of the circular flow model, what happens to it?

Question 18 18. Josie decided to go to college full-time instead of working. Which of the following is the opportunity cost of going to college for Josie?

Question 19 19. What is defined by many anthropologists as the means of production in which the significance of manufacturing goods lessens while the importance of offering services, information, and research grows?

Question 20 20. Which of the following is an injection into the circular flow model?

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Question 21 21. In tributary production

Question 22 22. During the time Mary spent studying macroeconomics, she could have instead either made brownies or played the piano. She thinks to herself that if she wasn't studying, then she would have made brownies. In this case, her opportunity cost of studying is equal to which of the following?

Question 23 23. Assume that land can be used either for producing corn or producing beef. The opportunity cost of converting an acre from producing corn to raising cattle for beef is equal to which of the following?

Question 24 24. Which of these is considered the oldest mode of production?

Question 25 25. Scarcity means:

Social Studies Concepts: Economics Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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