
Economics Midterm
Authored by Matthew Albert
Social Studies
12th Grade

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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do all societies have to make decisions about how resources will be used?
People are greedy
There are not enough resources for those who want them
Resources are too expensive for most people
Because there is a huge gap between the rich and poor
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do we have to make production choices about available resources?
Too many resources for the demand
Limited wants
Unlimited resources
Scarcity
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The condition of scarcity can be described as one that
afflicts only poor people and nations
exists when our unlimited needs/wants exceed our limited resources
exists when our limited resources exceed our unlimited needs/wants
only applies to luxury items
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Why do entrepreneurs take risks?
to set their own work hours
to earn a profit for themselves
to provide G/S to their customers
to provide salaries and benefits to their employees
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
__________ is the fundamental, universal, and perpetual economic problem that no one is immune to.
price floors/price ceilings
Scarcity
Shortage
the study of microeconomics
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Opportunity cost (OC) can be described as
your number 1 tradeoff when making a choice
the number 2 alternative in your list of choices
is the next best choice and one you didn't choose
all of these answers are examples of opportunity cost (OC)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What determines the prices of goods and services?
Supply
Demand
Supply and demand
Goods
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