Basics of Economics

Basics of Economics

Assessment

Quiz

Created by

Trajano Bastidas

Social Studies

10th Grade

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Easy

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how people seek to satisfy their needs and wants by making choices.
True
False

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The definition of Scarcity is...
An unlimited amount of resources to meet limited wants and needs
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events
a city where individuals commit themselves to unlimited wants and needs

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a need?
Nothing
Something you have to have to live
Something you would like to have
Ice cream

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of these is NOT an example of a need?
Water
Food
watch
Shelter

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following in an example of LAND.
Coal
Office Building

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental problem of economics? 
How to keep consumers out of debt?
How to fulfill our unlimited wants and needs with limited resources?
How to figure out the way to make the most money?
How do we ensure all people get a college education?

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

things purchased by consumers

goods

consumer

producer

supply

8.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A person who purchases a good or service

consumer

taxes

supply

good

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The resources required to make a product (good or service)
economics
consumption
four factors of production
scarcity

10.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

the value of the next best option that is not selected when a choice is made.

there is not enough of it.

things people make to earn money.

actions people do to earn money.

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