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Unit 2-Fundamental Economic Concepts

Authored by Paulla Tiltonmolocznik

Social Studies

12th Grade

Used 14+ times

Unit 2-Fundamental Economic Concepts
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31 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem?

Opportunity Cost

Scarcity

Factors of production

Goods and Services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Someone from a family of hunters becomes a hunter. What economic system is that an example of?

Market Economy

Mixed Economy

Traditional Economy

Command Economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these economic goals are usually associated with a market economy?

Stability, Efficiency, and Growth

Freedom, Equity, and Stability

Efficiency, Freedom, and Growth

Security, Stability, and Equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The higher you education, the higher your standard of living.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is allocation?

The next best choice when you make a decision

The consumers desire to buy a product

The distribution of goods and services

None of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the above is a factor of production?

Supply

Demand

Trade-offs

Land

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is the next best choice when a decision is made.

False

True

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