
Econ Unit 1 Quiz
Authored by Avery Bustetter
Social Studies
12th Grade
Used 7+ times

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10 questions
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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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