Eco Basic Principles

Eco Basic Principles

KG - University

11 Qs

quiz-placeholder

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Eco Basic Principles

Eco Basic Principles

Assessment

Quiz

Social Studies

KG - University

Medium

Created by

Sarah Bidwell

Used 3+ times

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11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Economics is the study of: 

Inflation
Shortage
Surplus
Scarcity

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The best definition of opportunity cost is: 

A decision made
The alternative that has been given up
Finding new resources
Determining equilibrium cost

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An example of physical capital would be: 

Human labor
Wrench
Bill Gates
Money

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Marx would argue the best way to produce products is by: 

Allowing the government to determine how to produce
Invisible hand
Allowing tradition to dictate production
Allowing market and scarcity to determine factors of production

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Adam Smith believed: 

Everyone should be equal
Everyone should have a job
Everyone should work for the government
Government should only be involved if factors of production are compromised

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A production possibility graph demonstrates: 

opportunity cost of making one good over another
decision used when determining how much a product will cost to produce
ability of specialists to produce more goods than generalists
None of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An advantage of a traditional economy is: 

provide people with many options for employment
is highly democratic
allows individual entrepreneurs to innovate and take risks
never changes

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