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2022-23 SSEF1

Authored by Herman Wright

Social Studies

12th Grade

Used 5+ times

2022-23 SSEF1
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12 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

The Coca Cola factory is considered what factor of production?

Land

Labor

Capital

Entrepreneur

2.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

What is opportunity cost?

the next best alternative (option)

there is not enough of it.

things people make to earn money.

actions people do to earn money.

3.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Choices often have to be made because productive resources are limited while wants and needs are unlimited. This situation is known as

surplus

budgeting

borrowing

scarcity

4.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Lottery, competition, price, majority rule, and first-come-first-serve are all methods

commonly used to

improve productivity

allocate scarce resources

invest in education and technology

collect taxes

5.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

In the production of chocolate chip cookies, which represents capital?

the oven used to bake the cookies

the sugar used to bake the cookies

the retailer who sells the cookies

the worker who decorates the cookies

6.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

ALL alternatives given up when making a decision.

Scarcity

Opportunity Cost

Trade Offs

Rational Decision Making

7.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Marco must choose between buying a Play Station 4 and the Xbox X. He chose the Place Station 4. What is his opportunity cost?

Play Station 4

Xbox X

The Play Station 4 and the Xbox X

There is no opportunity cost

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