Unit #1 Quiz: Basics of Economics
11th - 12th Grade
•25 Qs
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Unit #1 Quiz: Basics of Economics
Quiz
•
Social Studies
•
11th - 12th Grade
•
Practice Problem
•
Medium
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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