
Econ Unit 1 Review
Authored by Megan Valenti
Social Studies
12th Grade
Used 6+ times

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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The study of how society chooses to use its scarce resources for the production of goods and services to satisfy unlimited wants
Consumer Sovereignty
Economics
Scarcity
Capital
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The freedom of the consumer to cast their dollar votes to buy, or not buy, at prices set in competitive markets, giving them the supreme authority to decide if businesses will stay open or will close.
Consumer Sovereignty
Economics
Scarcity
Capital
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The condition in which human wants are forever greater than the available supply of times, goods, and services
Consumer Sovereignty
Economics
Scarcity
Capital
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is NOT one of the 3 fundamental economic questions?
What is being produced?
For whom is it being produced for?
When is it being produced?
How is it being produced?
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
An opportunity cost means giving up:
All of the options you have not chosen
The best option that was not chosen
Profits in order to buy new merchandise
Your fruit snacks at the lunch table
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A command economy is best described as:
An economy where a dictators or a central authority answer economic questions.
An economy based in private ownership of resources and the market.
An economy where people answer economic questions by doing what has been done for generations.
An economy that is based in voluntary buying and selling in markets.
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which term best describes comparing the rewards and costs of an action to determine if the benefit outweighs the costs?
Efficiency
Normative Economics
Nationalization
Cost-Benefit Analysis
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