Economics Unit 1 Pre-Test (Thinking Like an Economist)

Economics Unit 1 Pre-Test (Thinking Like an Economist)

12th Grade

28 Qs

quiz-placeholder

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Economics Unit 1 Pre-Test (Thinking Like an Economist)

Economics Unit 1 Pre-Test (Thinking Like an Economist)

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Dawn L Bruns

Used 42+ times

FREE Resource

28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the most basic economic issue for all societies?

scarcity

taxation

inflation

recession

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A company decides to install more machines and lay off workers. Which economic question is addressed directly?

How to produce

What to produce

For whom to produce

Where to produce

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

In economic terms, what are land, labor, capital, and entrepreneurship?

production possibilities

factors of production

production trade-offs

opportunity costs

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Jenny has enough money to buy either a CD or go to a movie with her friends. In economics, what is the choice that Jenny "gives up" called?

Positive Cost

Negative Cost

Opportunity Cost

Marginal Cost

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the main idea behind the study of economics?

Monetary policy

Efficiency of production

Allocation of scarce resources

Business decisions

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

In economics terms, what does "there is no free lunch" mean?

someone must pay for everything

all production is designed to reduce scarcity

choices are never based on self-interest

people only think of others when making choices

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

How does the process of specialization change an economy?

eliminates unemployment

decreases competition

improves efficiency of production

increases government control

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