Econ Unit 1 review

Econ Unit 1 review

9th - 12th Grade

41 Qs

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Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Michael Ford

Used 63+ times

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41 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 The term that can be defined as the loss of the next best use of resources is:

Scarcity

Opportunity cost

Cost Efficient Production

Capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do people have to make choices?

People have limited wants and needs

Opportunity cost must always be paid

People have unlimited wants and scarce resources

All governments ration who receives scarce resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics, as a field of study, is BEST described as

How society deals with the problem of scarcity

How people deal with investment alternatives

How everyone spends their money

How government controls the money supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a problem faced by ALL economic systems?

Federal debt

Poverty

Inflation

Scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The term underutilization can be defined as

The act of buyers and sellers coming together willingly in the marketplace

The right to produce goods and services

The use of fewer resources than the economy is capable of using

What you give up or what you did not choose

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The method used by a society to produce and distribute goods and services is its

Production system

Political system

Industrial system

Economic system

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good that is used to help increase future production can be defined as:

Natural good

Consumer good

Capital good

Artificial good

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