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Economics Chapter 1

Authored by Kevin Nichols

History, Social Studies, Business

7th - 12th Grade

Used 17+ times

Economics Chapter 1
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a service?

a restaurant meal
a guitar lesson
dry-cleaning fluid
a concert t-shirt

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An individual who tries to earn a profit by developing a new product or finding a better way to produce an existing one is a(n)

employee
manager
entrepreneur
executive

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how

gov't allocates scare resources to satisfy people's unlimited wants.
gov't supplies money to businesses to produce goods & services.
people use their scarce resources to satisfy their unlimited wants.
businesses supply unlimited goods & services with limited resources.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a renewable resource is

oil
coal
copper
timber

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of an non-renewable resource is

timber

corn

oil

cotton

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The opportunity cost of a chosen item or activity is

the money you must give up to buy it
the value of all alternatives you must pass up
The value of the best alternative you must pass up.
the money you lost by not choosing the least expensive option.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A study of total consumption in the entire U.S. economy would involve

normative economics
microeconomics
consumer economics
macroeconomics

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