Module 5 Lesson 1 Review - Economics Basics

Module 5 Lesson 1 Review - Economics Basics

6th Grade

15 Qs

quiz-placeholder

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Module 5 Lesson 1 Review - Economics Basics

Module 5 Lesson 1 Review - Economics Basics

Assessment

Quiz

Social Studies

6th Grade

Practice Problem

Medium

Created by

Alyssa Mortimer

Used 48+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement best characterizes opportunity cost?

The amount of a good that businesses are able to produce

The amount of money left over after expenses have been paid

The value of a product that you give up in a tradeoff with another product

The number of people who are ready to buy a product at a certain price

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are natural resources, labor, capital, and entrepreneurs related?

Their demand is limited.

Their supply is unlimited.

Their supply is limited.

Their demand is unlimited.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

land and natural resources

labor

capital

food chain

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose a farmer uses skills and tools to grow strawberries on a farm, and she sells them at a market. A drought destroys the farmland which results in fewer crops. Consumers have to buy strawberries at a higher price. This situation would cause

contraction

expansion

profit

opportunity cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

system of producing, selling, and buying goods and services

scarcity

economy

profit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The money an individual or business has left after paying expenses is called

capital

scarcity

profit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Nations that rely on trade with one another for supplies of scarce resources experience

expansion

scarcity

economic interdependence

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