Economics EOC Review

Economics EOC Review

9th - 12th Grade

89 Qs

quiz-placeholder

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Economics EOC Review

Economics EOC Review

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

LaShaka Hosier

Used 91+ times

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89 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how society allocates scarce resources.

Microeconomics
Macroeconomics
Scarcity
Economics

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity cost is...

The choice you made
The value of your choice not made 
The next unit, or increment, of an action
The additional benefit received from the consumption of the next unit of a good or service.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Also called "factors of production," there are commonly grouped into the four categories: land, labor, physical capital, and entrepreneurial ability. 

Product
Resources
Utility
Marginal

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The resource that includes equipment, machinery, buildings, and tools.

Land
Labor
Capital 
Entrepreneur

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The additional benefit received from the consumption of the next unit of a good or service.

Marginal Benefit
Marginal Cost
Opportunity Cost
Economics

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Marginal Cost is...

The additional benefit received from the consumption of the next unit of a good or service. 
How much things cost
The additional cost of producing one more unit of output.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Absolute Advantage is...

Production of goods or performance tasks based up on comparative advantage. 
The ability to produce a good at a lower opportunity cost than all other producers. 
The ability to produce more a good than all other producers. 
The act of exchanging goods and services for other goods and services. 

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