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Unit 1 Test Review Fall 2023

Authored by Douglas Giacone

Social Studies

12th Grade

Used 42+ times

Unit 1 Test Review Fall 2023
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18 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is opportunity cost?

your choice
what you give up to make a choice

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is scarcity? 

Having too many resources 
Not  having enough resources 

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

muffins 
cookies 

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Define the term "opportunity cost."

The cost of pursuing an opportunity.

A fee you pay to submit a college application.

Everything you give up when you make an economic choice.

The next-best thing you give up when you make an economic choice.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Mr. Umstot goes to the movies and sees two movies playing that he really wants to see. He decides to see Black Widow instead of Avatar 2. What is his opportunity cost for seeing Black Widow?

Black Widow

Avatar 2

The cost of the ticket and popcorn

Going to sleep early

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the most basic problem of economics?

Scarcity
Allocation
Productivity
Specialization

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is it called when you choose between two possible uses for a resource, giving up one alternative for another?

Trade Offs
Real Costs
Building materials
Trading spaces

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