Unit 1 Basic Economics Hudspeth

Unit 1 Basic Economics Hudspeth

9th - 12th Grade

14 Qs

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Unit 1 Basic Economics Hudspeth

Unit 1 Basic Economics Hudspeth

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Greg Hudspeth

Used 6+ times

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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem of economics? 

How to keep consumers out of debt?
How to fulfill our unlimited wants and needs with limited resources?
How to figure out the way to make the most money?
How do we ensure all people get a college education?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity Cost is best defined as

What you give up when you choose something

The price you pay to purchase something

The benefit you gain by making a decision

The amount of debt you take on by making a decision

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Soil, minerals, air, water, and coal are all examples of

Fossil fules
Conservation
recycling
natural resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person that takes a risk by starting a new business.

human capital
capital goods
entreprenuer
tariff

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test.  However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam.  What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.

An A on the exam 
making a B on the exam 
Losing one hour of sleep
gaining one hour of sleep

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 The difference between a good and a service is that:

Goods are available in unlimited quantaties and services are not 
Goods are tangible and services are not 
Services are available in unlimited quantaties and goods are not 
goods help satisfy unlimited wants and services do not

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the major difference between scarcity and a shortage? 

They are really the same
Shortages always exist and scarcity is temporary 
Shortages are temporary and scarcity always exist. 
Scarcity is limited and shortages are unlimited 

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