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Econ Test Review

Authored by Amanda Evans

Social Studies

9th - 12th Grade

Used 2+ times

Econ Test Review
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about scarcity?

Scarcity affects all societies.

Scarcity exists only in poor countries.

Scarce goods lead to lower prices.

Scarcity of resources can be eliminated using sound economic policies.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To save money, Taylor decided not to go to a concert where her favorite musician was performing. What was the opportunity cost of that decision?

having fun at the concert

spending time at home

having time to study

having extra money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of how firms, nations, and individuals best allocate their limited resources is called

Circular Economic Activity

Economics

Factoring Production

Supply and Demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Computers, trucks, hammers, and other man made materials would be which factor of production?

Capital

Entrepreneurship

Labor

Land

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Logan starts a restaurant using his own money to purchase a building and cooking supplies such as ovens and grills. This is an example of which of the following economic terms?

Entrepreneurship

Productivity

Specialization

Investment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term do we use to describe items that are necessary for our survival?

Scarcity

Shortage

Need

Want

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is

the amount of a good or service that is available for consumers to buy

 the amount of a good or service that consumers are willing to buy

Study of how we make decisions in a world where resources are limited

the economic problems of limited goods and the unlimited wants of society in general

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