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Economics 1

Authored by Joshua Childs

Social Studies

10th - 12th Grade

Used 2+ times

Economics 1
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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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