Economics Unit 1

Economics Unit 1

12th Grade

20 Qs

quiz-placeholder

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Economics Unit 1

Economics Unit 1

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Nick Colin

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Economics?

The study of the supreme court decisions

The study of the choices people make to satisfy their unlimited wants and needs.

The study of the environmental rights in society

The study of historical choices in American Politics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A limited amount of resources to meet unlimited wants and needs.

Scarcity

Opportunity Cost

Bartering

Economics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the 3 basic Economic questions?

Who, what, and for when to buy?

Why, for what, and for whom to decide?

When, why, and how to galvanize?

What, how, and for whom to produce?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a trade off?

Buying popcorn or ice cream

Going to class and having fun

Wearing a sweater during the winter

None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of the next best alternative that is given up

Opportunity Cause and Effect

Opportunity Cost

Scarcity

All the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Your friend spends all night playing video games instead of studying for this quiz. What is the opportunity cost?

Playing video games

More time spent studying

Eating noodles

Voting in an election

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is trade?

focusing on one aspect of production

—When producers and consumers voluntarily agree to sell their personal rights

When businesses and government provide information on consumers

—When producers and consumers voluntarily agree to provide one good or service in return for another.

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