Econ Final Review Pt. 1

Econ Final Review Pt. 1

9th - 12th Grade

•

45 Qs

quiz-placeholder

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Econ Final Review Pt. 1

Econ Final Review Pt. 1

Assessment

Quiz

•

Social Studies

•

9th - 12th Grade

•

Medium

Created by

Heather Engler

Used 2+ times

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45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how people seek to satisfy their needs and wants by making choices?

Scarcity

Sociology

Economics

Entrepreneurs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a good?

A barber or beautician cutting your hair

A dentist cleaning your teeth

A game system like The Nintendo Switch

A moving company helping your move to your new crib

Answer explanation

Goods are material items that the customers are ready to purchase for a price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a service?

A doctor operating on your shoulder

A pair of Air Jordan Retro 10

A play station 5

A loaf of bread

Answer explanation

Services are the actions or activities that one person performs for another.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a basic factor of production?

Land

Labor

Capital

Food

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is when there is limited quantities (amounts) of resources to meet unlimited wants

Scarcity

Entrepreneur

Shortage

Opportunity Costs

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

True or False. Scarcity is the same as shortage.

True

False

Answer explanation

Shortages are more temporary whereas Scarcity is more permanent

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All the alternative we give up whenever we choose one course of action over another is called a

decision

trade-off

choice

entrepreneur

Answer explanation

Every decision we make involves a trade-off.


Example: you spending more time at work, you give up watching television or going to a movie.

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