Economics Unit 1 Review

Economics Unit 1 Review

11th - 12th Grade

20 Qs

quiz-placeholder

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Economics Unit 1 Review

Economics Unit 1 Review

Assessment

Quiz

Social Studies

11th - 12th Grade

Practice Problem

Medium

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the difference between a shortage and scarcity?

A shortage is temporary but scarcity always exists

A shortage results from rising prices; scarcity results from falling prices

A shortage is lack of all goods and services; scarcity concerns a single item

There is no real difference between a shortage and scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Economics is the study of how people seek to satisfy their needs and wants by making choices.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Individuals who come up with a new idea for a good or service, then they make it a reality

resource

human resources

consumer

entrepreneur

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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The idea that resources are limited; we don't have an unlimited supply of what we want

scarcity

supply

demand

inflation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Which of the following is a need?

Ice cream

Houses

Basketballs

Candy!!! (I want candy)

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What is the fundamental problem of every society?

labor costs

scarcity

economic interdependence

market fluctuation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What are the 3 economic questions?

What to produce? How To Produce? For whom to produce?

Who to produce? Why you produce? Like to produce?

Why to produce? Tell who to produce? Things to produce?

What to produce? How to produce? When to produce?

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