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Econ 1

Authored by Chenaughka Reynolds

Social Studies

12th Grade

Used 1+ times

Econ 1
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31 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You bought two CDs with your last $30. What is the opportunity cost?

the difference between the cost to make

the CDs and the price you paid

the $30 that you gave the clerk for the

CDs

the movie with your friends that you now

cannot afford

the joy of knowing you are the first to

have these CDs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To improve its standard of living, a nation’s economy must



remain stable.

grow through innovation.

reach economic equity.

allow the central government to make

economic decisions.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Something we desire but that is not necessary for survival

Want

Need

Good

Service

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Something essential for survival

Want

Need

Good

Service

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Physical objects that someone produces

Want

Need

Good

Service

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An action or activity that one person performs for another

Want

Need

Good

Service

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

Time

Money

Food

Oil

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