Economics Basics

Economics Basics

12th Grade

5 Qs

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Assessment

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Social Studies

12th Grade

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Created by

Jeremy Solis

Used 4+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are NOT one of the three basic questions of Economics?

WHAT to Produce?

HOW to Produce?

For WHOM to Produce?

WHEN to Produce?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What two things determine value?

Good and Service

Want and Need

Scarcity and Utility

Benefit and Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do we call a tangible economic product that is useful, relatively scarce, and easily transferable to others?

Economics

Good

Service

Wealth

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Any good that last 3 years or more when used on a regular basis.

Non-Durable Good

Durable Good

Durable Service

Non-Durable Service

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how people try to satisfy unlimited and competing wants through the use of scarce resources.

Economics

Opportunity Cost

Opportunity Benefit

Scarcity