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Ch 1 Economic Decisions

Authored by Elizabeth Rudden

Social Studies, Business

10th - 12th Grade

Used 106+ times

Ch 1 Economic Decisions
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15 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Goods and services are only purchased by individuals, not businesses.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Nations have different economic resources, but they all have the same economic needs and wants.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A lack of competition will result in higher prices for goods and services.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As the price of a product increases...

demand will increase
supply will decrease
consumers will purchase larger quantities
producers will supply larger quantities

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You have $25. You decided to go to the movies instead of buying a new shirt. The opportunity cost of your decision is...

$25
going to the movies
buying a new shirt
all of these

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the economic decision-making process?

define the problem
identify the choices
evaluate the choices
review your decision

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the last step in the economic decision-making process?

make a decision
act on your choice
review your decision
define the problem

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