Econ Ch1L2

Econ Ch1L2

12th Grade

20 Qs

quiz-placeholder

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Econ Ch1L2

Econ Ch1L2

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Kimberly A Van Horn

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because of scarcity, people are forced to make _________ about how to use resources.

Choices

Opportunities

Houses

Desires

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics a decision is free if:

There is no money involved.

There are no products involved.

There is no exchange with another person.

A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Limited Resources + Unlimited Wants =

Scarcity

Productivity

Opportunity Cost

Efficiency

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trade-off is

a purchase in a marketplace.

an alternative that we sacrifice when we make a decision.

any good or service a consumer needs.

a factor of production.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these terms is the BEST synonym for the word "entrepreneur"?

"business owner"

"home owner"

"employee"

"student"

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tools we use to make products

capital resources
human resources
natural resources
entrepreneurs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who buys goods and services

consumer
entrepreneur
resource
currency

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