Economics Fundamentals Review HHS

Economics Fundamentals Review HHS

12th Grade

36 Qs

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Economics Fundamentals Review HHS

Economics Fundamentals Review HHS

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Morris Williams

Used 41+ times

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36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited wants are confronted by a limited supply resources

opportunity cost

scarcity

rational decision making

markets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The value of the next-best alternative when a decision is made

opportunity cost

scarcity

rational decision making

trade off

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Choosing benefits or advantages in order to gain something more favorable is an example of a(n)

rational decision making

trade off

incentive

production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you give up some of one thing in order to gain some of something else

opportunity cost

scarcity

rational decision making

trade off

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are my choices for Friday evening listed in order:

1. Football game

2. Movie

3. Play video games

4. Sleep

What is my opportunity cost?

1st choice: football

2nd choice: movie

3rd choice: play video games

4th choice: sleep

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is NOT a requirement for something to be considered scarce?

desirable

limited quantity

new

multiple use

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is MOST RELATED to which concept?

scarcity

prices

human behavior

greed

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