What is the most basic economic issue for all societies?
Economics Unit 1 Pre-Test (Thinking Like an Economist)

Quiz
•
Social Studies
•
12th Grade
•
Medium

Dawn L Bruns
Used 42+ times
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28 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
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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