Economic Basics

Economic Basics

12th Grade

12 Qs

quiz-placeholder

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Economic Basics

Economic Basics

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

CCSS
L.11-12.4C, L.6.4C, L.7.4C

+2

Standards-aligned

Used 368+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Market 
Tradeoff
Scarcity 
Equity 

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The highest-valued alternative that must be given up to engage in an activity.

Scarcity 
Factors of Production 
Innovation
Opportunity Cost 

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________________ is the study of how people decide what they want and what they are willing to pay or give in order to get it.

Economics

Supply and Demand

Capitalism

Personal Finance

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Panic At The Disco is on tour! Tickets have almost sold out. Since supply of tickets is low, what will likely happen to the price?

Decrease

Increase

Remain the same

Tickets will stop selling

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Soil, minerals, air, water, and coal are all examples of

fossil fuels

conservation

recycling

natural resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do you satisfy your unlimited wants in a world of limited resources?

by making more money
by making choices
by stealing
by setting a budget

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Is this shelter a want or a need?

Want
Need

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