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Ch. 1 Quiz - Economics

Authored by Kathryn Smith

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12th Grade

Used 2+ times

Ch. 1 Quiz - Economics
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20 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When society does not have enough resources to produce all the things people would like to have.

Scarcity 
Economic Growth
Paradox of Value
Want

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Something we would like to have but is not necessary for survival. 

Need
Want 
Good 
Service 

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Work or labor performed by someone. 

Need
Want 
Good 
Service 

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is another name for economic resources?

Factors of Production
Figures of Prices
Factors of Prices
Natural Resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a truck?

Human Resource
Capital Resource
Natural Resource

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are Human resources

Farmers

Factory workers

store managers

All of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods
how much money something is
the opportunity one has to give up in order to gain something else
land, labor, capital, entrepreneurs

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