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Economics Distance Learning 1

Authored by Jacob Sumner

Other

6th - 12th Grade

Used 28+ times

Economics Distance Learning 1
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is macroeconomics?

things that people need to survive

the study of how individuals or small businesses make economic decisions

the study of how large groups such as governments or entire societies make economic decisions

things that people desire but do not need to survive

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is microeconomics?

the study of how individuals or small businesses make economic decisions

when certain goods are not available because of natural disasters

the study of how large groups such as governments or entire societies make economic decisions

human-made goods used to make other goods or perform other services (such as computers or railroads)

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is definitely NOT an example of a need?

food

water

airplanes

shelter

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following would not be considered a want?

basketball tickets

a new computer

drinking water

a television

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best describes the difference between shortages and scarcity?

shortages are temporary and scarcity is not

scarcity is temporary and scarcity is not

scarcity is caused by natural disasters

shortages are wants and scarcity is needs

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT a factor of production?

land

labor

shortages

capital

entrepreneurship

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

"any natural resource not created by people" such as water, plants, etc. describes which factor of production?

land

labor

capital

entrepreneurship

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