Introduction to Economics

Introduction to Economics

9th - 12th Grade

‱

42 Qs

quiz-placeholder

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Introduction to Economics

Introduction to Economics

Assessment

Quiz

‱

9th - 12th Grade

‱

Medium

Created by

Brian Rea

Used 14+ times

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42 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec ‱ 1 pt

Opportunity Cost could be described as

All of the alternatives you didn't choose

The next best alternative that you did not choose

The negative aspects and/or sacrifices of an action

The choice you made

2.

MULTIPLE CHOICE QUESTION

30 sec ‱ 1 pt

Trade-offs

are the same as opportunity costs

can all be considered opportunity costs; it depends on an individual's choice

refer only to the next best alternative that you did not select

are when weighing the costs and benefits of a decision

3.

MULTIPLE CHOICE QUESTION

30 sec ‱ 1 pt

All of the following are trade-offs except

A teenager decides to choose the Skittles over the Goobers, M & M's, and Dots

A teenager decides to study instead of sleeping or being on her phone

Ford Automotive decides to make more hybrid cares rather than SUVs

The local McDonald's needs to decide how many hamburgers to produce for the lunch rush

4.

MULTIPLE CHOICE QUESTION

30 sec ‱ 1 pt

Which is true about scarcity?

All resources are scarce but some are more scarce than others

Scarcity will go away if people use their resources efficiently

Scarcity does not exist in places where people are rich

Scarcity is not a reason why people have to make economic decisions

5.

MULTIPLE CHOICE QUESTION

30 sec ‱ 1 pt

Which statement is true

Scarcity doesn't exist for everyone
Nothing in life is free
Rarely do we use economic thinking
Sometimes there is no downside to a decision

6.

MULTIPLE CHOICE QUESTION

30 sec ‱ 1 pt

What is scarce in the following scenario: you have to go to work but if you work a lot of hours you are going to be very tired

Work

Money

Sleep

Time

7.

MULTIPLE CHOICE QUESTION

30 sec ‱ 1 pt

What is the best example of scarcity

The restuarant is not crowded tonight 
The school parking lot only has 150 spaces but 200 students want to park there
There are 500 houses in the subdivision and 250 of them are occupied
A person decided to dye her hair blonde instead of red

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