Topic 1 Test Review

Topic 1 Test Review

12th Grade

47 Qs

quiz-placeholder

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Topic 1 Test Review

Topic 1 Test Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Christopher Carrejo

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47 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the factors of prodution

Scarcity
choice
opportunity cost
resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is given up when a choice is made

Scarcity
choice
opportunity cost
resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The inability to satisfy all wants at the same time

Scarcity
choice
opportunity cost
resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ms. Jackson went out on black Friday hoping to score a new flat-screen tv at the local Walmart supercenter. She was sorely disappointed when she realized that she was the 100th person in line and Walmart only guaranteed to have 4 tv’s in stock. What basic concept does this illustrate?

scarcity

supply

demand

incentives

price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ms. Lopes' Focus has finally bit the dust. Thus, she went down to Ronnie’s Auto Shop. She has narrowed her choices down to a Prius or a Volt but can only afford to buy one. She pulls out of the parking lot in a Volt. What is the opportunity cost of Ms. Lopes buying the Volt?

opportunity cost

choice

Volt

Prius

Price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you decide to study an extra hour tonight, what would be the economic outcome?

The marginal cost of studying an extra hour exceeds its marginal benefit.

The marginal benefit of studying an extra hour exceeds its marginal cost.

Studying harder will always improve your test scores.

You will most likely get a lower than expected grade on your last exam.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Answer the question on the basis of the data given in the following production possibilities table. According to the data in the table, what is required as indicated by increasing production of capital goods?

The increase in sacrifices of consumer goods.

The decrease in sacrifices of consumer goods.

There are no sacrifices of consumer goods.

The constant sacrifices of consumer goods.

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