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Economics BCTE

Authored by Miguel Salazar

12th Grade

Used 10+ times

Economics BCTE
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem of every society?

labor costs
scarcity
economic interdependence
market fluctuation

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the definition of the economic term Opportunity Cost?

the value of the next best alternative that is given up due to the choice you made 
The price you pay to purchase something 
The benefit you gain by making a decision 
The amount of debt you take on by making a decision 

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How do you satisfy your unlimited wants in a world of limited resources?

by making more money
by making choices
by stealing
by setting a budget

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the production possibilities curve?

a graph that shows how efficient an economy can produce a combination of 2 goods
a graph that shows how much money something is
a graph that shows the opportunity a country has to give up in order to lose something else
a visual representation of how land, labor, capital, entrepreneurs are distributed

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

True or False: Everything that is scarce requires a choice, and these choices always involve a tradeoff.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land includes...

The "gifts of nature" or natural resources not created by human effort.

the tools, equipment, and factories used in production of goods and services

people with all their efforts and abilities

individuals who start a new business or bring a product to market.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital refers to...

The "gifts of nature" or natural resources not created by human effort.

people with all their efforts and abilities

the tools, equipment, and factories used in production of goods and services

individuals who start a new business or bring a product to market.

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