Fundamentals Rev 1

Fundamentals Rev 1

8th Grade - Professional Development

23 Qs

quiz-placeholder

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Fundamentals Rev 1

Fundamentals Rev 1

Assessment

Quiz

Social Studies

8th Grade - Professional Development

Medium

Created by

Hope Burke

Used 4+ times

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23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most basic problem of economics?

Scarcity
Allocation
Productivity
Specialization

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is it called when you choose between two possible uses for a resource, giving up one alternative for another?

Trade Offs
Real Costs
Building materials
Trading spaces

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

muffins 
cookies 

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods
how much money something is
the opportunity one has to give up in order to gain something else
land, labor, capital, entrepreneurs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a point lies on the curve this means the company is being efficient. If a point lies inside the curve, this tells the company what?

They are being over efficient
They are not efficient
It is impossible
None of the above

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

SSEF1(d) The opportunity cost of shifting production from "Point E" to "Point C" would be:

30 cans of cola
30 chocolate bars
70 cans of soda
20 chocolate bars

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If a natural disaster strikes, where would a production possibilities curve most likely shift

No shift

inward (as seen in Case 1)

outward (as seen in Case 2)

all of the above

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