Economic basics
Quiz
•
Social Studies
•
9th - 12th Grade
•
Practice Problem
•
Medium
JANEL MONAGHAN
Used 61+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The three key economic questions are:
What should be produced?
How to produce?
Who should we produce for?
How to produce?
How much do we make?
What is my profit?
Who should we produce for?
What is my profit?
What should we charge for the product?
How much do we produce?
Who should we produce for?
What is the tax?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What's the difference between macroeconomics and microeconomics?
Macroeconomics is the study of worldwide, national, or a region of economics while microeconomics is the study of individual market participants.
Macroeconomics is the study of industrialized country's economies while microeconomics is the study of emerging economies.
Macroeconomics studies the repeating patterns in economics while microeconomics studies one time anomalies.
Macro economics is the study of all of the world's economies while microeconomics is only the study of the US economy.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is economics?
The study of a government's distribution of resources
The study of consumers' spending habits
The study of a society's allocation of resources
The study of buying and selling in the stock market
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity can best be defined as
Scarcity can best be defined as
Where demand is greater than supply
Unlimited wants vs Limited resources
Limited wants vs unlimited resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following resources would economists classify as “capital”?
Raw Bauxite in a South African mine
A hammer used in framing a house
A worker hired to repair engines
Trees used tomake paper
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The major types of resources used to make a product are called
natural resources
factors of reduction
factors of production
capital resources
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
________ are decisions we all must make due to scarcity.
trade offs
scarcity
choice
incentive
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