Economics 1
Quiz
•
Social Studies
•
10th - 12th Grade
•
Medium
Joshua Childs
Used 2+ times
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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Opportunity cost is best defined as:
Marginal cost minus marginal benefit
The time spent on an economic activity
The value of the best forgone alternative
The money cost of an economic decision
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is a factor of production?
Money
Interest
Rent
Capital
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
In a command system:
Self-interest guides and commands individuals to pursue actions that lead them toward achieving their goals
The head of each family decides what to do with the family’s resources
The government makes production and allocation decisions
Market traders command what outputs are produced and how they are allocated
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which is one of the three fundamental questions that need to be dealt with in any economic system?
What makes the rate of unemployment low?
Who will be the richest group in the economy?
What goods and services will be produced?
How high should the prices of goods and services be?
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is a normative economic statement?
The Federal budget surplus rose by 10 billion dollars
A fall in the unemployment rate is expected next month
A trade deficit of 20 billion dollars will harm the economy
The Federal funds rate was reduced by half a percentage point
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
As a consequence of the problem of scarcity:
There is never enough of anything
Individuals have to make choices from among alternatives
Production has to be planned by government
Things which are plentiful have relatively high prices
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The key economic concept that serves as the basis for the study of economics is:
Inflation
Unemployment
Money
Scarcity
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