Economics Basics Review

Economics Basics Review

7th - 12th Grade

33 Qs

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Economics Basics Review

Economics Basics Review

Assessment

Quiz

Social Studies

7th - 12th Grade

Medium

Created by

Nicole Arendt

Used 4+ times

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33 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ is the most basic economic problem.

Scarcity
Labor
Greed
Capital

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following statements is true: 

An economist would consider something scarce only if it is limited (not anything else) 
A trade off occurs when you give up something you want in order to get something else you want 
The economic social goal, economic equity, means everyone gets the same amount of money 
In a traditional economy, the government gets to decide the answers to the 3 basic economic questions

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity Cost is best defined as

The best rejected alternative you give up when making a decision 
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 

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

What is the opportunity cost of increasing production of chicken nuggets from 17 to 41 orders? 

11 French Fries 
11 Chicken Nuggets 
14 French Fries 
14 Chicken Nuggets 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Only the government decides what goods and services will be produced in a market economy.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The four types of economic systems are: 

Traditional, Command, Mixed, & Market
Traditional, Command, Combined, & Market
Communism, Capitalism, Free Market, and Macroeconomics
Microeconomics, Macroeconomics, Individual, and Traditional.

7.

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

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