Applied Economics Quiz 1

Applied Economics Quiz 1

11th Grade

10 Qs

quiz-placeholder

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Applied Economics Quiz 1

Applied Economics Quiz 1

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Medium

Created by

Aaron Jose

Used 533+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What best describes a want?

An unnecessary object

A commodity that fulfills a desire

An expensive object

A derived need

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do people respond to in predictable ways?

Problems

Incentives

Solutions

Choices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is NOT a major economic problem?

When to produce?

What to produce?

How to produce?

For whom to produce?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is said to deal mostly with the ____________ of resources.

Deprivation

Allocation

Usage

Consumption

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Countries and states utilize this to solve the problem of allocation.

Culture and Norms

Rules and Regulations

Economic Systems

Fiscal Policies

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When economists say that resources are scarce, it means that they are what?

Limited

Lacking

Overflowing

Rare

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the basic economic principles, what creates wealth?

Voluntary Work

Voluntary Trade

Business Transactions

Business Management

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