Fundamental Concepts

Fundamental Concepts

9th - 12th Grade

25 Qs

quiz-placeholder

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Fundamental Concepts

Fundamental Concepts

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Sarah Kuekes

Used 4+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is defined as a limited supply of resources and...

limited wants for those resources

unlimited resources

limited resources

unlimited wants for available resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

the value of the next best option that is not selected when a choice is made.

there is not enough of it.

things people make to earn money.

actions people do to earn money.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?

fishing with a friend

going to a concert

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ashton tried our for cheer leading and made the varsity team. She can choose to cheer for football or basketball. She chooses to cheer for football, what is her opportunity cost?

to cheer for football

to cheer for basketball

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

Which of the following is a negative incentive?

increase wages will increase hours

makes people better called "rewards"

lower interest rates

decrease wages - less incentive to work

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the process of evaluating marginal benefits (MB or gains) of a decision against marginal costs (MC or costs) of a decision, based on the assumption that the selected decision is one in which MB > MC?

Irrational Choices

Thinking at the Margin

Rational Decision Making

Investing

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A buy one get one free sale at a shoe store is an example of what economic concept?

incentive
profit
choice
opportunity cost

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