Economics Intro Y9

Economics Intro Y9

9th Grade

20 Qs

quiz-placeholder

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Economics Intro Y9

Economics Intro Y9

Assessment

Quiz

Business

9th Grade

Practice Problem

Hard

Created by

Sarah RYAN

Used 15+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the fundamental economic problem of unlimited human wants in a world of limited resources:

Sparcity

Scarcity

Deficiency

Rarity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The is a benefit of value that must be given up to acquire something else:

Forgone alternative

Opportunity cost

Output forgone

Economic loss

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This refers to the means by which buyers and sellers engage in exchange:

Market

Mass Market

Super Market

Fair

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is an asset that is used to produce goods and services:

Resource

Resort

Replacement

Recourse

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This refers to cost advantages due to lower unit costs resulting from large-scale production:

Returns to scale

Long-run savings

Opportunity cost

Economies of scale

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A term used to describe the way in which factors of production are distributed among producers:

Resource management

Resource allocation

Project management

Resource leveling

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is an estimation of itemised revenue and expenditure for a specified period:

Budget

Account

Balance

Invoice

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