Econ Unit 1

Econ Unit 1

12th Grade

25 Qs

quiz-placeholder

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Econ Unit 1

Econ Unit 1

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Wendy Bowen

Used 125+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the economic definition for scarcity?

the state of being in short supply

being in short supply

unlimited wants and limited resources.

a shortage

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You must realize with scarcity that

You cannot have whatever you want

You have to have more resources if you want to have anything you want.

You do not know what it is that you want

You may want it but you can't have it.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the concept of TINSTAAFL?

There is nothing greater than what you have right now.

There is never a greener lawn than your neighbor's.

There is nobody that loves you more than your mother.

There is no such thing as a free lunch.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the "Paradox of Value"?

When water is the best thing you could ever drink in your life.

When water's value far exceeds diamonds.

When diamonds are in low demand.

When water would be great but you do not have any.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is free?

A free pizza.

A day off.

Meals made by your mom.

Nothing.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an opportunity cost?

You go to the store and buy a candy bar and enjoy it while you go back home.

Your team is playing and you have a ticket but your BFF wants you to go swimming so you go swimming.

You have a coupon for a free pizza when you purchase one and you left your coupon at home.

Your dog has puppies and your mom said you could have one but your dad won't let you have one.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is utility in economic terms?

scarcity

satisfaction

value

electric

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