
Chapter 1 Quiz
Authored by Reno Burnett
Social Studies
11th Grade
10 Questions
Used 1+ times

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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The most desirable alternative somebody gives up as the result of a decision is called
thinking at the margin
opportunity cost
a trade off
scarcity
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The process of deciding whether to use one more unit of a resource is called
diminishing marginal utility
Says' Law
Thinking at the margin
The economic method
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The economic principle which states that as production shifts from making one good to another, more and more resources are needed to increase production of the second good is called
underutilization
the production possibilities frontier
the law of increasing costs
marginal benefit
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT a factor of production?
Land
Capital
Money
Labor
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the difference between scarcity and a shortage?
Scarcity always exists while shortages are temporary
Scarcity results from falling prices
Scarcity only concerns a single item
There is no difference between the two
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The economic concept of guns or butter means that
a person can spend money on either sports equipment or food.
a company must decide whether to manufacture guns or butter.
a government must decide to produce more or less military or consumer goods.
a government can buy unlimited military and civilian goods if it is rich enough.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Every decision involves trade-offs because
everyone has to make decisions.
everyone’s resources are limited.
some people have more money than others.
some decisions are made for business, others for society.
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