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Unit 1 Test Review

Authored by Nicolette Johnston

Social Studies

11th - 12th Grade

Used 6+ times

Unit 1 Test Review
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Physical articles that have been produced for sale or use. Three examples are food, clothing, and cars.

Capital

Services

Marginal Utility

Goods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Physical articles that have been produced for sale or use. Three examples are food, clothing, and cars.

Goods

Opportunity Cost

Marginal Utility

Capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of the next best alternative that is given up when making a choice. This is the measure of what you must give up to get what you most want.

Services

Goods

Opportunity Cost

Marginal Utility

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Work done by someone else for which a consumer is willing to pay. Three examples are teaching, gardening, and childcare.

Goods

Services

Scarcity

Capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the extra satisfaction or pleasure you will get from an increase of one additional unit of a good or service.

Marginal Utility

Opportunity Cost

Scarcity

Capital

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which scenario would be an example of the law of diminishing marginal utility?

A homeless person picking a dollar bill up from the sidewalk

Eating the last slice of an extra-large pizza with all the toppings

Drinking your first glass of apple juice after a strenuous workout

Putting on a warm coat when it's cold outside

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one modern example of capital replacing labor?

A student who continued her education

A worker who takes a minimum-wage job

A robot in an automobile assembly plant

An entrepreneur starting a new business

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