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Chapter 1 Review

Authored by Gideon Moor

Social Studies

12th Grade

Used 1+ times

Chapter 1 Review
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51 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Fundamentally, economics deals with

scarcity
money
banking
poverty

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The phenomenon of scarcity stems from the fact that

resources are limited.
in most economies, wealthy people consume disproportionate quantities of goods and services.
most economies' production methods are not very good.
governments restrict production of too many goods and services.

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In most societies, resources are allocated by

the combined actions of millions of households and firms.
a small number of central planners.
a single central planner.
those firms that use resources to provide goods and services.

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Coal is considered to be a nonrenewable energy source. Which of the following statements is correct?

Coal is a scarce resource.
Coal is a nonscarce resource.
Coal is not a resource.
Coal is an unlimited resource.

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The adage, "There ain't no such thing as a free lunch," means

people face tradeoffs.
all costs are included in the price of a product.
even people on welfare have to pay for food.
the cost of living is always increasing.

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Efficiency means that

society is getting the most it can from its scarce resources.
society's goods and services are distributed equally among society's members.
society's goods and services are distributed fairly, though not necessarily equally, among society's members.
society is conserving resources in order to save them for the future.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Efficiency

refers to how much a society can produce with its resources. Equality refers to how evenly the benefits from using resources are distributed among members of society.
and equality both refer to how much a society can produce with its resources.
refers to how evenly the benefits from using resources are distributed between members of society. Equality refers to how much a society can produce with its resources.
and equality both refer to how fairly the benefits from using resources are distributed between members of a society.

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