Economics Quiz 1

Economics Quiz 1

12th Grade

15 Qs

quiz-placeholder

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Economics Quiz 1

Economics Quiz 1

Assessment

Quiz

Other

12th Grade

Medium

Created by

Chris Maple

Used 2+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Aside from the actual monetary / resource cost, what other cost is incurred when decisions are made?

Chance Expense

Trade off

Equivalent Exchange

Opportunity Cost

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The goods or services necessary to sustain life.

need

want

land resource

labor

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What best describes a want?

An unnecessary object

A commodity that fulfills a desire

An expensive object

A derived need

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Oil, water, and wood are examples of ______________ resources.

Land

Labor

Capital

Entrepreneurship

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The productive resources that make up the 4 categories of land, capital, labor, and entrepreneurship.

factors of production

capital goods

consumer goods

fiscal policy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________________________ are a set of external motivators that help people make choices.

Interactions

Opportunity Cost

Scarcity

Finite Resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The alternative people give up when they make choices.

marginal cost

trade-off

marginal benefit

utility

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