Unit 1 Economics

Unit 1 Economics

12th Grade

25 Qs

quiz-placeholder

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Unit 1 Economics

Unit 1 Economics

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Patricia Albin

Used 224+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best defines economics?

How people create their own products

The study of how individuals exchange goods and services

People use their scarce resources to satisfy unlimited wants

How governments create products

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements correctly defines the term entrepreneur?

A person who improves an existing product

Person who develops a new product

A person who tries to earn profit

All answers apply

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an example of a capital resource?

The knowledge people gain to increase their productivity

The creation of a new hybrid fruit

The computers used in school

The distribution center of Lowe's

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you choose a night with friends over studying for your final exam, what is your opp. cost?

The time you spent with your parents

The time you spent with your friends

The possibility of earning a higher grade

The possibility of disappointing your friends

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The value of the best alternative

The value of what you cannot recover

The value of your time

The value of cost benefit analysis

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a PPF shifts outward, this means?

Economic growth

Economic decline

Greater labor force

Lower labor force

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does point Y represent on the graph?

Efficient production

Economic growth

Inefficient production

Unattainable production

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