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Basic economics vocabulary quiz

Authored by Alan Long

Social Studies

12th Grade

Used 7+ times

Basic economics vocabulary quiz
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The use of limited resources to meet societies unlimited wants and needs.

Opportunity Cost

Trade-off

Shortage

Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alternatives we give up when we choose one course of action over another.

choice

Trade-offs

opportunity cost

cost / benefit analysis

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a country may choose to produce capital or consumer goods. Capital goods, goods used to make other goods. Consumer goods, finished goods that people typically buy. Sometimes seen in a production possibilities curve.

opportunity cost

cost/benefit analysis

tradeoff

Guns and Butter

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most desirable alternative given up as a result of making a decision

marginal cost

opportunity cost

Trade-offs

thinking at the margin

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of deciding whether to do or use one additional unit of a resource.

marginal benefit

Waivering

thinking at the margin

marginal cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The additional benefit of adding one more unit (resource)

thinking at the margin

marginal benefit

marginal cost

opportunity cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The additional cost of adding one more unit.

marginal cost

opportunity cost

thinking at the margin

Trade-off

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