Unit #1 Quiz: Basics of Economics

Unit #1 Quiz: Basics of Economics

11th - 12th Grade

25 Qs

quiz-placeholder

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Unit #1 Quiz: Basics of Economics

Unit #1 Quiz: Basics of Economics

Assessment

Quiz

Social Studies

11th - 12th Grade

Practice Problem

Medium

Created by

Brenden Griffith

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

TINSTAFL

There is no such thing as free lunch

There is no such thing as foreign loans

There is no such thing as freedom liabilities

There is no such thing as fiat legislation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The true cost of something you must give up to get something (i.e. the next best thing).

Opportunity Cost

Scarcity

Utility

Fundamental Questions of Society

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Not having enough resources to provide all the things, and meet unlimited needs and wants with limited resources.

Scarcity

Opportunity Cost

Value

Utility

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is NOT a Fundamental Question in each Society

What to consume?

What to produce?

How to produce?

For whom to produce?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Vegetation, animals, minerals, air, water, climate

Land Resources

Labor Resources

Capital Resources

Entrepreneurs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People who apply their efforts, abilities and skills

Labor Resources

Land Resources

Capital Resources

Entrepreneurs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An item used in production, such as tools, equipment, machinery, factories, etc

Capital Resources

Labor Resources

Land Resources

Entrepreneurs

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