
CE 11a_Intro to Econ_Basic Terms
Quiz
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Other
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8th Grade
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Medium
Matthew Welgoss
Used 9+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The inability to satisfy all wants at the same time. Resources and goods are limited, so choices must be made.
production
consumption
scarcity
price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is given up when a choice is made. The highest valued alternative not chosen.
entrepreneurship
choice
scarcity
opportunity cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Selection of an item or action from a set of possible alternatives.
production
resources
choice
consumption
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Laptops are in high demand but there are not enough to satisfy the needs of all students. This is called
Opportunity Costs
Demand
Supply and Demand
Scarcity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mya decides to spend her afternoons hanging out with friends instead of studying for her exam. What is her opportunity cost?
Making friends
Being prepared for her exam
Going to the mall
Being late for school
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When John orders food from McDonald's, he is considered
The consumer
The supplier
The decision maker
Opportunity costs
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
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