ECON: Unit 1 Review (MicroECON)

ECON: Unit 1 Review (MicroECON)

12th Grade

60 Qs

quiz-placeholder

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ECON: Unit 1 Review (MicroECON)

ECON: Unit 1 Review (MicroECON)

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Arthur Viera Barron

Used 32+ times

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60 questions

Show all answers

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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