Econ Unit 1 Quiz

Econ Unit 1 Quiz

12th Grade

10 Qs

quiz-placeholder

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Econ Unit 1 Quiz

Econ Unit 1 Quiz

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Avery Bustetter

Used 7+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The term that can be defined as the loss of the next best use of resources is:

Opportunity Cost

Scarcity

Capital

Cost Efficient Production

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Why do people have to make choices?

People have unlimited wants and scarce resources.

People have limited wants and needs.

All governments ration who receives scarce resources.

Opportunity costs must always be paid.

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Economics, as a field of study, is BEST described as

How people deal with investment alternatives

How everyone spends their money

How government controls the money supply

How society deals with the problem of scarcity

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following is a problem faced by ALL economic systems?

Federal debt

Scarcity

Poverty

Inflation

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The term underutilization can be defined as

What you give up or what you did not choose

The use of fewer resources than the economy is capable of using

The right to produce goods or services

The act of buyers and sellers coming together willingly in the market place

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A good that is used to help increase future production can be defined as:

Capital good

Consumer good

Natural good

Artificial good

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following is correctly matched?

Labor = Profit

Land = Rent

Capital = Wages

Entrepreneur = Interest

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