Economics CBA1

Economics CBA1

12th Grade

21 Qs

quiz-placeholder

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Economics CBA1

Economics CBA1

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Jeffrey Goheen

Used 4+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most fundamental economic problem is

security.

the fact the United States buys more goods from foreigners than we sell to foreigners

health.

scarcity.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the most accurate definition of the study of economics? Economics is the study of

the distribution of surplus goods to those in need.

affluence in a morally bankrupt world

ways to reduce wants to eliminate the problem of scarcity.

the choices we make because of scarcity

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If 1,000 trucks are being produced, how many TVs could be produced?

6000

7000

9000

10000

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What is the opportunity cost of moving from Point 3 to Point 5 on the curve?

6,000 fewer TVs

G 6,500 fewer TVs

7,000 fewer TVs

8,000 fewer TVs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The satisfaction from using one more unit of a good or service is called

opportunity cost

opportunity benefit

marginal cost

marginal benefit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The opportunity cost of something you decide to get is

The amount of money you pay to get it

The highest valued alternative you give up to get it.

The lowest valued alternative you give up to get it

All possible alternatives that you give up to get it

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a Saturday morning, you rank your choices for activities in the following order: 1. go the library 2. work out at the gym 3. have breakfast with friends 4. sleep late. Suppose you decide to go to the library. Your opportunity cost is

working out at the gym, having breakfast with friends, and sleeping late.

zero because you did not have to pay money to use the library

working out at the gym.

not clear because not enough information is given.

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