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Economic Systems

Authored by Johanna Witt

Social Studies

11th - 12th Grade

Used 9+ times

Economic Systems
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how people satisfy their needs and wants is called?

Government

Economics

Supply and Demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Human capital is considered what?

All capital owned by individuals, but not by corporations or governments.

Machinery that meets or exceeds federal safety standards.

The accumulated skill and knowledge of workers.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between scarcity and shortage?

A shortage is from rising prices; scarcity is from falling prices

A shortage is a lack of all goods and services; scarcity concerns a single item

A shortage can be temporary or long-term, but scarcity always exists

There is no real difference between shortage and scarcity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between opportunity cost and trade-off?

Opportunity cost is all the alternatives that you give up, trade-off is the next best option that you give up

Trade-off is all the alternatives that you give up, opportunity cost is the next best option that you give up

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a production possibilities curve?

Show alternative ways to use an economy's resources

Show how a factory can use its workers in different ways

Give engineers a new way of deciding how to build manufacturing plants

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of increasing cost relate to in terms of production and price?

the cost of producing the second item becomes less expensive

the cost of producing the second one becomes more expensive

production prices rise much more steeply than do the labor costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the opportunity cost of Oranges moving from point B to point C?

15

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