Search Header Logo
James Scarcity OC Final Exam Review

James Scarcity OC Final Exam Review

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

quiz-placeholder

8 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Economics can be described as the study of

Media Image

Back

Choices

2.

FLASHCARD QUESTION

Front

The condition of scarcity can be described as one that

Media Image

Back

exists when our unlimited needs/wants exceed our limited resources

3.

FLASHCARD QUESTION

Front

What was Tom's opportunity cost after selecting the Ford over the Honda?

Back

Honda

4.

FLASHCARD QUESTION

Front

What are alternatives in the Rational Decision-Making Model?

Back

the various options (tradeoffs) a person has for a given problem or situation.

5.

FLASHCARD QUESTION

Front

What do rational people consider when making decisions?

Back

The marginal benefit and marginal cost

6.

FLASHCARD QUESTION

Front

The fundamental problem in Economics, which is why we study economics, is scarcity.
True or False?

Back

True

7.

FLASHCARD QUESTION

Front

If one follows the PACED decision-making model to choose the good or service that grants them greater marginal benefit than cost, they have made a

Back

Rational decision

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?