Economics Midterm Review

Economics Midterm Review

9th - 12th Grade

•

37 Qs

quiz-placeholder

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Economics Midterm Review

Economics Midterm Review

Assessment

Quiz

•

Social Studies

•

9th - 12th Grade

•

Medium

Created by

Elizabeth DiNatale

Used 17+ times

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37 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The definition of Scarcity is...

An unlimited amount of resources to meet limited wants and needs
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events
a city where individuals commit themselves to unlimited wants and needs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

the value of the next best option that is not selected when a choice is made.

there is not enough of it.

things people make to earn money.

actions people do to earn money.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?

fishing with a friend

going to a concert

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following examines the costs and expected benefits of a choice?

cost-benefit analysis

choice-benefit analysis

choice-profit analysis

cost-pro analysis

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A focus on developing only certain skills or producing only certain goods/services

Imports
Exports
Specialization
Globalization

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which choice best describes the economic problem of scarcity in the world?

People have limited wants there is an unlimited amount of resources.

People have unlimited wants but there is a limited amount of resources

People have no wants so resources don't matter

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which economic system is based on government control?

Traditional

Command

Market

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