Econ Unit 1 Review

Econ Unit 1 Review

12th Grade

27 Qs

quiz-placeholder

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Econ Unit 1 Review

Econ Unit 1 Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

James Nassar

Used 278+ times

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27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term means not enough to satisfy unlimited wants?

Goods

Scarcity

Services

Opportunity Cost

Trade-Offs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term means things people do for others, i.e. haircuts, teaching etc.

Goods

Scarcity

Services

Opportunity Cost

Trade-Offs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term means Everything you give up to get something else

Goods

Scarcity

Services

Opportunity Cost

Trade-Offs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term means the second best alternative that must be given up to get something

Goods

Scarcity

Services

Opportunity Cost

Trade-Offs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You choose to go to Universal on Friday night with your friends, however your family was going out to dinner for your mothers birthday. What is your opportunity cost of going to Universal

Your mothers birthday dinner

Universal

The cost of your ticket

Your concession food

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

20 whips

30 saddles

50 whips

60 saddles

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The production possibility curve shows

alternative combinations of two goods that an economy is capable of producing.

the actual levels of production of two goods that the economy is achieving.

alternative combinations of productive resources that can be used to produce two goods.

the total value of two goods produced in one time period.

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