
ECON: Unit 1 Review (MicroECON)
Authored by Arthur Viera Barron
Social Studies
12th Grade
Used 32+ times

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60 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Economics is the study of
how society distributes its goods and resources.
how society evaluates the financial information about the economy.
how society distributes money and evaluates its effects.
using its goods and services and analzying how much each good and/or service cost.
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Goods are the tangible products that we want and/or need. Select an example of a good.
Mowing the lawn
Studying for AP exams
Money
Washing your car.
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Services are actions that provide us with something that we want and/or need. Provide an example of a service.
Money
Food
Internet
Riding my bike and dropping off newspaper
4.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Select the best term for the following definition:
The condition that forces us to make decisions about how to best use our resources to satisfy our wants and needs every second of every day
Incentives
Scarcity
Factors of Production
Economics
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Select the best term for the following definition:
The value of the next best choice NOT chosen when making a decision
Tradeoffs
Entreneurship
Opportunity Cost
Economics
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Tradeoffs identifies all of the options you are giving up, whereas the
opportunity cost involves evaluating the value of your next best choice.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which example does not fit the definition of scarcity?
Money
Serving as an Uber driver as a part-time job
Energy
Gasoline
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