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Basic Economic Concepts review pt 2

Authored by Brianne Hunter

Social Studies

12th Grade

20 Questions

Used 18+ times

Basic Economic Concepts review pt 2
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the three basic questions economists try to solve?

What should be produced?

How should it be produced?

Who gets what is produced?

When should it be produced?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Our resources are limited, therefore each production decision society makes, comes at _____________.

Problem

Debt

Advantage

Opportunity costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There are many ways to create the things we want and need- but they all require

food

animals

factors of productions

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When thinking about "How should Goods and Services Be Produced," we want to make sure we are combing factor resources in the most __________ way?

Efficient

Expensive

Cheap

Low Quality

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the "who gets to consume which goods and services?", answered?

Societies must decide how to make coffee because without coffee everyone would be very tires.

Societies must decide how to distribute available goods and services, and Distribution is determined by how societies choose to distribute income.

Societies must decide how to distribute puppies, because puppies are cute and make everyone happy when all else fails.

Societies must decide how to keep all available goods and services.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is economics?

The study of money
The study of how people choose to use limited resources
The study of governments and citizens
The study of the past

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is scarcity?

The study of how people choose to use limited resources
The problem of unlimited wants and limited resources
The problem of limited wants and unlimited resources
The problem of having too few options

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