Economic Module 1

Economic Module 1

9th - 12th Grade

20 Qs

quiz-placeholder

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Economic Module 1

Economic Module 1

Assessment

Quiz

Specialty

9th - 12th Grade

Practice Problem

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Created by

Jennifer Waters

Used 24+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which type of economy are economic questions are answered on the basis of habit or customs? 

Command Economy
Market Economy
Mixed Market Economy
Traditional Economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expenses that do not change no matter how much a business produces are called _____________.

Fixed Cost
Variable Cost
Marginal Cost
Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Workers' knowledge is a human resource.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What forces people and nations to make economic choices?

abundance of goods
desire for profit
need for shelter
scarcity of resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost of the next-best use of your money or time when you choose to do one thing rather than another is known as _____________.

Fixed Cost
Revenue
Opportunity Cost
Marginal Cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the US, prices are established primarily though

government regulations
tax incentives 
the decisions of major corporations 
the forces of supply and demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The extra income that results from selling one more unit of the output is called marginal revenue.

True
False

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