Goard Economics Test Review

Goard Economics Test Review

9th - 12th Grade

33 Qs

quiz-placeholder

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Goard Economics Test Review

Goard Economics Test Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Hard

Created by

Nicholas Goard

Used 2+ times

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33 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is economics?

A science that analyzes how individuals, companies, or nations make choices about the production and consumption of goods

Boring

The study of money

Split into microeconomics and macroeconomics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What idea says that we have an unlimited amount of wants but a limited amount of available resources?

Trade

Economics

Scarcity

Opportunity cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because scarcity exists, how do we acquire the things we can't produce on our own?

Steal

Trade

Borrow

Barter

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which group would most likely have a traditional economy?

Citizens of a nation ruled by a dictator and a very powerful government

Citizens of a nation based on democracy and the idea of limited government

Ancient Native American tribes

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do businesses specialize in certain goods/services?

Self-interest

Efficiency & trade

Profit

They'll donate what they don't use

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you have an absolute advantage, you make _________ goods than someone else.

More

Less

The same

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you have a comparative advantage, you make _________ goods than someone else, but your opportunity cost (gap) is ___________ in that item.

Less; bigger

More; bigger

More; smaller

Less; smaller

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