Economics Unit 1 (Quick Quizizz)

Economics Unit 1: Preview Lesson

Basic Concepts

Multiple Choice

True or False: According to Economists, every society confronts the problem of scarcity to some degree.

• True

• False

Multiple Choice

True or False: "Economic Systems" are different arrangements that society's use to decide how to use society's resources to make stuff people want... and how to decide who gets to use the stuff that gets made.

• True

• False

Multiple Choice

What term do economists use to describe the economic system in which individuals -- thinking about their own self-interest -- make the key decisions about how society's resources will be used?

• Command Economy

• Market Economy

• Traditional Economy

Multiple Choice

True or False: According to the idea of Comparative Advantage, 2 people (or 2 countries) can make mutually beneficial trades even if one of the countries is better at producing everything!

• True

• False

Multiple Choice

True or False: Not all Economic systems confront the problem of scarcity.

• True

• False

Multiple Choice

The last slide included a PPC. As you move from point B to point D on that PPC, you give up Food & make more Clothing. This is an example of...

• An Elephant

• Communism

• A Tradeoff

Multiple Choice

The last slide included a PPC. As you move from point B to point C on that PPC, you go from making 100 Food & 0 Clothes to making 75 Food & 100 Clothes. Based on this PPC, the opportunity cost of 100 pairs of clothes is...

• 100 pairs of clothes

• 25 Food

• This question cannot be answered without knowing the money price of the clothing.