Econ Ch 1 Test

Econ Ch 1 Test

12th Grade

50 Qs

quiz-placeholder

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Econ Ch 1 Test

Econ Ch 1 Test

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Jason Peters

Used 10+ times

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50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

The definition of Scarcity is...

An unlimited amount of resources to meet limited wants and needs
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events
a city where individuals commit themselves to unlimited wants and needs

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

What is a need?

Nothing
Something you have to have to live
Something you would like to have
Ice cream

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Economics is the study of how people seek to satisfy their needs and wants by making choices.

True
False

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

What is the fundamental problem of economics? 

How to keep consumers out of debt?
How to fulfill our unlimited wants and needs with limited resources?
How to figure out the way to make the most money?
How do we ensure all people get a college education?

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A person who provides a good or service

producer

need

want

consumer

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A person who purchases a good or service

consumer

taxes

supply

good

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The idea that resources are limited; we don't have an unlimited supply of what we want

scarcity
supply
demand
inflation

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