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Unit 1 - Economic Theory Ultimate Challenge

Authored by Gil Stange

Social Studies

11th - 12th Grade

Used 12+ times

Unit 1 - Economic Theory Ultimate Challenge
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46 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited wants and limited resources.

scarcity

opportunity cost

self-interest

profit motive

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The next best option that you give up when you make a choice.

scarcity

opportunity cost

private property

customer sovereignty

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The basic economic questions:

What to produce?

How to produce?

For whom to produce?

When to produce?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions are made as they have been made in the past.

Traditional economy

Command economy

Market economy

Mixed economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions are made by the government or other central authority.

Traditional economy

Command economy

Market economy

Mixed economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic decisions are made by buyers and sellers.

Traditional economy

Command economy

Market economy

Mixed economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Some economic decisions are made by buyers and sellers and some are made by the government.

Traditional economy

Command economy

Market economy

Mixed economy

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