What is Economics? Chapter 1

What is Economics? Chapter 1

KG - University

15 Qs

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What is Economics? Chapter 1

What is Economics? Chapter 1

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A model economists use to show the maximum combination of goods and services that can be produced from a fixed amount of resources in a given period of time is called

an opportunity cost
production possibilities curve
hypothesis model
microeconomics model
microeconomics model

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

   Scarcity can best be defined as 

A Shortage of a product
Where demand is greater than supply
Unlimited wants vs Limited resources 
Limited wants vs unlimited resources 

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(3) Which of the following is NOT a consumer good?

a bulldozer at a construction site
a Happy Meal at McDonalds
a pack of Doritos in a vending machine
a television set for sale at an appliance store

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(2) Which of the following resources would economists classify as “capital”?    

Raw Bauxite in a South African mine 
A hammer used in framing a house 
A worker hired to repair engines 
Trees used to make paper 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States has decided to spend more money on military goods and less on education. The opportunity cost for spending more money on military goods would be which of the following?

the satisfaction of destroying our enemies
the money used to fund the military
 money to spend on education
better paid soldiers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ is the most basic economic problem.

Scarcity
Labor
Greed
Capital

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity Cost is best defined as

The best rejected alternative you give up when making a decision 
The price you pay to purchase something 
The benefit you gain by making a decision 
The amount of debt you take on by making a decision 

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