Economics: Standard 2

Economics: Standard 2

9th - 12th Grade

14 Qs

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Economics: Standard 2

Economics: Standard 2

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Tracy Dozier

Used 10+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem of every society?

labor costs
scarcity
economic interdependence
market fluctuation

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the definition of the economic term Opportunity Cost?

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 

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Max is studying for his spelling test.  Unfortunately, his favorite TV program is on right now.  If he studies for the test, he will miss watching the show.  Max decides to study for his test instead of watching TV.  What is the opportunity cost of his decision?

the benefit received from studying for a test
The benefit of the A he may get
the benefit of enjoying his favorite show
the benefit of him spending time with friends at the movies

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Max is studying for his spelling test.  Unfortunately, his favorite TV program is on right now.  If he studies for the test, he will miss watching the show.  Max decides to study for his test instead of watching TV.  What is the opportunity cost of his decision?

the benefit received from studying for a test
The benefit of the A he may get
the benefit of enjoying his favorite show
the benefit of him spending time with friends at the movies

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

In Cost/Benefit Analysis, when does adding an additional unit pays off?

Marginal benefits exceed marginal costs.
Marginal costs exceed marginal benefits.
Marginal costs equal marginal benefits.
None of the above.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A technique of reducing or forgoing one or more desirable outcomes in exchange for increasing or obtaining other desirable outcomes in order to maximize the total return or effectiveness under given circumstances.

Trade-off
Opportunity cost
PPF
Scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A country is responsible for producing guns for military defense and school lunches for students who can't afford it ("butter"). The opportunity cost of producing more guns is.. 

decrease in the # of lunches divided by the increase in the # of guns
increase in the # of guns divided by the decrease in the # of lunches
decrease in the # of guns divided by the increase in the # of lunches
increase in the # of lunches divided by the decrease in the # of guns

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