Economics Chapter 1

Economics Chapter 1

9th Grade

30 Qs

quiz-placeholder

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Economics Chapter 1

Economics Chapter 1

Assessment

Quiz

Social Studies

9th Grade

Hard

Created by

Laura Vaughn

Used 3+ times

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30 questions

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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

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.

3.

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.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Labor
Revenue
Behavior
Marginal

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The fundamental condition of economics that results from the combination of limited resources and unlimited wants.

Scarcity

Productivity

Microeconomics

Macroeconomics

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The value lost by rejecting one use of resources in favor of another.

Opportunity Cost

Production Possibilities Curve

Factors of Production

Capital Good

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A graphic representation showing all of the possible combinations of two goods or services that can be produced in a stated period, assuming that the amount of available resources and technology will not change during the period, and that all of the national, human, and capital resources involved are being used in the most efficient manner possible.

Production Possibilities Curve

Opportunity Cost

Productivity

Factors of Production

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