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Chapter 1.1 Assessment (The Basic Problem in Economics)

Authored by Christopher Kyne

Social Studies

11th - 12th Grade

Chapter 1.1 Assessment (The Basic Problem in Economics)
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of how people use limited resources to fulfill their unlimited wants.

Economics

Microeconomics

Macroeconomics

None of these answers are correct

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Deals with behavior and decision making by small units such as individuals.

Economics

Microeconomics

Macroeconomics

None of these answers are correct

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Deals with the economy as a whole and decision making by large units such as governments.

Economics

Microeconomics

Macroeconomics

None of these answers are correct

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

To an economist, anything other than what people need for basic survival is a...

need

want

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Water is an example of a...

need

want

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Everything that exists is...

limited

unlimited

somewhat limited

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Means people do not and cannot have enough income and time to satisfy their every want.

scarcity

factors of production

land

ownership

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