Economics standard 1-3 review

Economics standard 1-3 review

12th Grade

25 Qs

quiz-placeholder

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Production Possibilities Frontier

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Economics standard 1-3 review

Economics standard 1-3 review

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Terrika Cannon

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In economics, the value of the next best alternative is called _________.
Scarcity
Productivity
Opprotunity Cost
Supply and Demand

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In economics, resources are: 
Anything used to create something else
The environment in general
Specifically lumber and water
Capital only

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Resources (a.k.a. the factors of production are)
Land and Labor
Land and Capital 
Entrepreneurship
Land, Labor, Capital and Entrepreneurship

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Tools
Land
Labor 
Capital
Entrepreneurship

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Raw materials (i.e. cotton, oil...etc.)
Land
Labor 
Capital
Entrepreneurship

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image
The opportunity cost of increasing production from 7 to 9 trucks is
1 boat
2 boats
2 trucks
3 boats

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a natural disaster strikes, the production possibilities curve can shift
No shift
Inward
Outward
Outward on one axis only

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