
Basic Economic Concepts
Authored by Benjamin Morrisey
Social Studies
12th Grade
Used 130+ times

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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic problem of economics?
More money more problems
Opportunity Cost
Scarcity of resources
Factors of Production
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does utility mean?
The usefulness of an item
there is no opportunity cost
Unlimited wants limited resources
A type of belt
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define Specialization
Every decision has a trade-off
Workers gain expertise in their assigned task
Leads to decreased efficiency
No such thing as a free lunch
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a car is being used to deliver pizzas it is a
consumer good
human resource
really inefficient method of delivery
capital good
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
When a company will pay for their employees to get a college education, they are investing in their skills, abilities and knowledge to boost productivity. This is an example of investing in
human capital
capital goods
efficiency
reaganomics
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is NOT a factor of production?
Natural Resources
Human Resources
Technology
Capital Resources
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is an example of a good?
iPhone
Volunteer worker
Custodian
Plumber
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