Economics Total Recall (Fundamentals)

Economics Total Recall (Fundamentals)

9th - 12th Grade

15 Qs

quiz-placeholder

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Economics Total Recall (Fundamentals)

Economics Total Recall (Fundamentals)

Assessment

Quiz

Other

9th - 12th Grade

Practice Problem

Medium

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, rational decisions occur when
                                                             SSEF2b

suppliers lower their prices to increase demand
marginal benefits of an action equal or exceed the marginal costs
a budget is used for spending and saving decisions
command economies answer the three basic questions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is a human resource that Ms. Johnson could use for her art gallery?
SSEF1b

Light fixtures to help display the artwork.
A security system to protect the artwork.
Knowledge of trends in modern art.
A series of paintings by a prominent local artist.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is a fundamental questions every society must answer?
SSEF1a

What goods and services are to be produced?
How are the goods and services to be produced?
Who will get the goods and services that are produced?
All of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A and B both wash cars and change oil. Currently, each man washes and changes oil by himself, but the process takes lots of time. they would MOST LIKELY improve their efficiency if
SSEF2b

A & B wash a car and chang eoil together
A washes car while B changes oil
A washes B car while B washes A's car
A and B reduce the number of cars they wash

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Susan offers to trade her old iPod for Claudia's cell phone and Claudia accepts. Assuming both products work perfectly, we can conclude that
SSEF3b

Claudia is now happier than Susan.
neither party has gained because the exchange was fraudulent
both people have gained because the exchange was voluntary and non-fraudulent
Susan places the same value on cell phones as she does for iPods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Investing heavily in new capital equipment and technology is MOST related to
SSEF6b

supply and demand
opportunity costs
economic growth
economic freedom

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competition and free enterprise are most common in which type of economic system?
SSEF4a

traditional
market
communist
planned

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