Economics Unit 1 Review

Economics Unit 1 Review

9th - 12th Grade

25 Qs

quiz-placeholder

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Economics Unit 1 Review

Economics Unit 1 Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Aaron McWaters

Used 65+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how people choose to use scarce resources to satisfy their wants.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not considered a need?

Food

Clothing

Car

Shelter

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes wants?

limited and ever changing

unlimited and ever changing

limited and never changes

unlimited and never changes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who makes goods or provides services is called a

Consumer

Customer

Provider

Producer

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States decides what goods to produce by letting

Only the government decide

the producers and government decide

only the producers decide

the producers and consumers decide

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Into what categories do economists divide factors of production?

land, labor, capital, and entrepreneurship

land, labor, money, and entrepreneurship

resources, labor, capital, and entrepreneurship

resources, labor, money, and entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a trade-off is

giving up going to a movie to spend time shopping

giving up going to a movie because it got bad reviews

going to a movie to see your favorite movie star

going to a movie because it got good reviews

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