Econ and Personal Finance Final Exam Prep

Econ and Personal Finance Final Exam Prep

1st Grade

43 Qs

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Econ and Personal Finance Final Exam Prep

Econ and Personal Finance Final Exam Prep

Assessment

Quiz

Social Studies

1st Grade

Medium

Created by

Brandon Brown

Used 28+ times

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43 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a need?

Shelter

Headphones

Hat

Cell phone

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a need and a want?

Needs are things necessary for survival

Wants are things necessary for survival

Needs are something you desire, but are not necessary for survival

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes scarcity?

Human needs and wants are unlimited, while resources are limited

Human needs and wants are limited, while resources are unlimited

There are plenty of resources because human have few needs and wants

There is an abundance of resources in the world

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This morning you could have gotten out of bed but you decided to get up and attend school. The opportunity cost in this scenario was ________.

Staying in bed

Going to school

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supply is _______.

The amount of something that is produced and available

The amount something is demanded by consumers

The resources needed to create something

An unforeseen event that impacts the economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price of a product will increase when demand _________ and supply _______.

Increases, decreases

Decreases, increases

Stays the same

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price of a product will decrease when demand ________ and supply ________.

decreases, increases

increases, decreases

Stays the same

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