Unit 1 Intro to Economics Test
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
SCOTT BIRCHLER
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20 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is scarcity?
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is opportunity cost?
The next best alternative
The best option possible
When something is very good
When someone has no say in a matter
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
How are scarcity and trade-off related to each other?
Trade-offs create the problem of scarcity
They are not related
Scarcity creates the need for trade-offs
Too many resources creates involves both scarcity and trade-offs
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is NOT a natural resource?
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following IS physical capital resource?
Wood
Computer
Labor
Knowledge
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
My business makes tacos and maps. If I spend all my time making tacos, what is my opportunity cost?
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
On this PPC, which point is efficient?
A only
C and D
D Only
A and B
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