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Econ Quiz March 2nd, 2023 - Fundamental Economic Concepts

Social Studies

12th Grade

29 Questions

Used 3+ times

Econ Quiz March 2nd, 2023 - Fundamental Economic Concepts
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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Economics is MOST concerned with the tension between

self-interest and altruism
consumption and savings
wants and resources
labor and capital
efficiency and equality

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Scarcity implies

gains from trade
Pareto efficiency
rationality
inefficient markets
trade-offs

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Opportunity cost could be BEST described as the

monetary price paid
incremental benefit received from an action
utility sum of all possible actions
maximum willingness to pay
value of the next best alternative

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following costs are LEAST likely to be considered part of the cost of college?

tuition
room and board
university fees
foregone labor income
books

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If consumers select the action that produces the greatest benefit, they are said to be

benevolent
efficient
cost-minimizers
rational
practical

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Gains from trade arise MOST directly from different

trade-offs
opportunity costs
beliefs
wants
wealth levels

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Sophie can either babysit for $10, mow the lawn for $15, or drive her brother to soccer practice for $12. What is Sophie’s opportunity cost if she chooses to mow the lawn?

5

10

15

12

22

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