Economics Basics

Economics Basics

9th - 12th Grade

25 Qs

quiz-placeholder

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Economics Basics

Economics Basics

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Hard

Created by

Melissa Anderson

Used 14+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

__________________ is the willingness and desire of a peson to buy a good. 

Supply
Service
Demand

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental problem of economics? 

How to keep consumers out of debt?
How to fulfill our unlimited wants and needs with limited resources?
How to figure out the way to make the most money?
How do we ensure all people get a college education?

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity Cost is best defined as

The best rejected alternative you give up when making a decision 
The price you pay to purchase something 
The benefit you gain by making a decision 
The amount of debt you take on by making a decision 

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following would be an example of human capital? 

The amount of workers who work in a Nike factory
The skills of the shoe designers at Nike 
Philip Knight, the CEO of Nike 
The land that the Nike headquarters is located on in Beaverton Oregon

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Soil, minerals, air, water, and coal are all examples of

Fossil fules
Conservation
recycling
natural resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test.  However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam.  What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.

An A on the exam 
making a B on the exam 
Losing one hour of sleep
gaining one hour of sleep

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the tools and technology used to make a product?

capital goods
human capital
exports
imports

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