Chapter 1 Economics

Chapter 1 Economics

10th - 12th Grade

45 Qs

quiz-placeholder

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Chapter 1 Economics

Chapter 1 Economics

Assessment

Quiz

Social Studies

10th - 12th Grade

Practice Problem

Medium

CCSS
RI.11-12.4, RI.8.4, RI.9-10.4

+2

Standards-aligned

Created by

Shannon Hollis

Used 32+ times

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45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity arises because all societies have

limited productive resources to satisfy unlimited wants
unlimited productive resources to satisfy limited wants
limited needs and unlimited wants
unlimited needs and limited wants

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

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.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economists use ___________ to make predictions about the real world.

economic theories (models)
capital goods
marginal benefits
profit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

___ is the physical & mental effort used to produce goods & services.

Labor
Revenue
Behavior
Marginal

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An item that is used in the production of other goods and services.

Capital Resource

Capital Good

Opportunity Cost

Economics

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