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Principles of Economics

Other Sciences, History

10th - 12th Grade

12 Questions

Used 609+ times

Principles of Economics
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1.  Scarcity is the basic economic condition that results from society not having enough resources to produce all the things people would like to have. A society's economic system determines

a.  The way a society organizes its political system
The way a society aligns technology with scientific goals
a.  The way a society allocates its scarce resources to produce goods and services
a.  The way a society uses religious resources to supplement economic goods and services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To arrive at an economic decision, a decision-making grid may be used to evaluate

 Productivity
Only durable goods
Alternative choices of action
Only capital goods  

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An opportunity cost is

 Usually absent in a command economy
When goods are recycled into other goods
   The next-best alternative you give up in order to do something else
 only an issue when there is not a scarcity of goods and resources  

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how individuals, institutions, and society make optimal choices under the conditions of scarcity is

Allocation
Deregulation
 Economics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The BEST explanation of why there will always be scarcity is because

 People and their tools are inefficient
Governments create scarcity to keep people wanting more
 While people's' wants are unlimited, resources are limited

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 Bart has decided to buy some water balloons rather than get an extra milk at lunch. Choosing among economic alternatives is referred to as

Scarcity
Trade - Off
Interdependence

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, land refers to the natural resources needed for production, such as forests, minerals, and climate.

True
False

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