Unit 1 - Foundations of Econ Exam

Unit 1 - Foundations of Econ Exam

9th - 12th Grade

28 Qs

quiz-placeholder

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Unit 1 - Foundations of Econ Exam

Unit 1 - Foundations of Econ Exam

Assessment

Quiz

Business

9th - 12th Grade

Easy

Created by

Erika Landro

Used 2+ times

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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jenny is a senior in high school who needs to decide between going to college to earn a degree or beginning a career right away. She weighs her options, including the advantages and disadvantages of each option. What is this decision-making process called?

incentives

thinking at the margin

tradeoffs

cost-benefit analysis

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Definition: all resources are limited

scarcity

trade off

shortage

market economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jeff wants his brother to do the dishes for him. He decides to offer his brother $5 a week to do the dishes. What is Jeff giving his brother?

A tradeoff

An incentive

A coercive bribe

An invisible hand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You purchase a non-refundable ticket to see a movie. Halfway through the movie you realize that it’s the worst movie you’ve ever seen. You decide to leave because you don’t want to waste your time. What economic concept best explains your decision to leave?

trade makes people better off

markets coordinate trade

sunk cost

scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Definition: deciding how to spend one more unit of a resource

opportunity cost

thinking at the margin

cost-benefit analysis

economics

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What 3 things must we know about an economy to identify the type of economy it is?

birth rates, death rates, GDP

production, distribution, and marketing

how many businesses, what kind of businesses, and how well they are performing

production, distribution, and consumption

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All its core, economics is about studying

choices

dollars

success

businesses

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