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Econ Unit 1

Authored by Andrew Ducote

Social Studies

11th - 12th Grade

Used 1+ times

Econ Unit 1
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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic problem that all societies face?

Economics

Scarcity

Unlimited resources

Money

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means that we have

Unlimited wants/needs and unlimited resources

Limited wants/needs and limited resources

Unlimited wants/needs and limited resources

Limited wants/needs and unlimited resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because of scarcity, we are forced to-

Make breakfast

Resort to cannibalism

Sell our goods and services

Make choices

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you make a choice, you are often choosing between two or more things. The next best thing after what you chose is-

Opportunity cost

A loss

Shortage

Surplus

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What questions determine an economic system?

Who, what, when, where, why

Who is president, and what party is he?

What is the GDP of the country?

What to produce? How to produce it? Who receives the product?

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, who is in charge?

The consumer

The government

The sellers

The products

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, who is in charge?

The government

The products

The consumers

Those who provide services

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