Basic Economic Concepts Review

Basic Economic Concepts Review

KG - University

14 Qs

quiz-placeholder

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Basic Economic Concepts Review

Basic Economic Concepts Review

Assessment

Quiz

Social Studies

KG - University

Practice Problem

Medium

Created by

Ian Lyons

Used 154+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is given up when a choice is made

Scarcity
choice
opportunity cost
resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The inability to satisfy all wants at the same time

Scarcity
choice
opportunity cost
resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ms. Lopes' Focus has finally bit the dust. Thus, she went down to Ronnie’s Auto Shop. She has narrowed her choices down to a Prius or a Volt but can only afford to buy one. She pulls out of the parking lot in a Volt. What is the opportunity cost of Ms. Lopes buying the Volt?

opportunity cost

choice

Volt

Prius

Price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does scarcity exist?

Wealthy private business owners keep all of the money for themselves.

Governments control all the resources in society.

There are unlimited needs and wants but limited resources from which to satisfy them.

There are limited needs and wants but unlimited resources to satisfy them.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity force societies to have to do?

Make choices

Make money

Lose resources

Have winners and losers.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The capacity to be useful and provide satisfaction is called what?

Usefulness
Pleasure
Utility
Scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a question that all societies must answer?

What to produce

How to produce

Why to produce

For whom to produce

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