
Unit 1 Economics (Ch 1-3)
Authored by CHRISTOPHER J GOODALL
Social Studies
9th - 12th Grade
Used 68+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Kate has saved $180. The total cost of the items she wants to purchase comes to $200. What basic economic fact does this situation illustrate?
Scarcity
Shortage
market failure
inefficiency
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
You go to a restaurant and order a veggie sandwich on wheat bread. The water that a farmer used to irrigate the wheat and vegetables is best categorized as which factor of production?
physical capitol
land
labor
human capital
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A production possibilities curve can be used to illustrate
economic growth over time
decision making in a centrally planned economy
how public goods are created
oppurtunity cost in a nation's economy
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The saying, “There is no such thing as a free lunch,” best illustrates which economic concept?
underutilization
trade offs
factors of production
thinking at the margin
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economics is the science of:
abundance
scarcity
test tubes
choices
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Human, natural, and capital resources(building blocks) that can be used to produce products are called:
Land
Labor
Capital
Factors of Production
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Nature's free items are called:
natural resources
human resources
capitol resources
labor
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