what is economics

what is economics

12th Grade

30 Qs

quiz-placeholder

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what is economics

what is economics

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Cymon Copley Pomerleau

Used 5+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In economics, the value of the next best alternative is called _________.

Scarcity
Productivity
Opprotunity Cost
Supply and Demand

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In economics, resources are: 

Anything used to create something else
The environment in general
Specifically lumber and water
Capital only

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of economics is primarily concerned with:

demonstrating that capitalistic economies are superior to socialistic economies. 
determining the most equitable distribution of society's output.
keeping private businesses from losing money.
choices/decisions that are made due to lack of resources

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity Cost is best defined as

the value of the next best alternative that is given up due to the choice you made 
The price you pay to purchase something 
The benefit you gain by making a decision 
The amount of debt you take on by making a decision 

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental problem of every society?

labor costs
scarcity
economic interdependence
market fluctuation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

This economic concept that nothing is truly free; everything has a cost. 

scarcity
opportunity cost
TINSTAAFL - There is no such thing as a free lunch
You break it, you buy it

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Basic things humans need to survive

need

want

import

demand

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