SV Contemporary Economics Review Chapter 1

SV Contemporary Economics Review Chapter 1

9th - 12th Grade

25 Qs

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SV Contemporary Economics Review Chapter 1

SV Contemporary Economics Review Chapter 1

Assessment

Quiz

Business

9th - 12th Grade

Easy

Created by

Joe York

Used 9+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements accurately describes an entrepreneur?

The entrepreneur wants production costs to exceed revenue.

All entrepreneurs must accept the risk of failure.

A person can only be considered an entrepreneur if he or she develops a new product.

The entrepreneur works mainly with nonprofit organizations.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Economics is about making choices.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a positive economic statement is "The U.S. unemployment rate is 3.8%."

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Markets are the means by which buyers & sellers carry out exchange.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Your opportunity cost depends on your alternatives.

True
False

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a service?

a restaurant meal
a guitar lesson
dry-cleaning fluid
a concert t-shirt

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Scarcity arises because all societies have

limited productive resources to satisfy unlimited wants
unlimited productive resources to satisfy limited wants
limited needs and unlimited wants
unlimited needs and limited wants

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