Econ Unit 1 Mid Review

Econ Unit 1 Mid Review

9th - 12th Grade

72 Qs

quiz-placeholder

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Econ Unit 1 Mid Review

Econ Unit 1 Mid Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Easy

Created by

Aaron Solari

Used 21+ times

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72 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is affected by the condition of scarcity?

The rich

Large economies

All societies

Producers (ie: businesses)

2.

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is defined as a limited supply of resources and...

limited wants for those resources

unlimited resources

limited resources

unlimited wants for available resources

4.

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are all societies forced to do because of scarcity?

Make production decisions

Conserve resources

Limit resource use

Charge large amount of money for available resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

the value of the next best option that is not selected when a choice is made.

there is not enough of it.

things people make to earn money.

actions people do to earn money.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?

fishing with a friend

going to a concert

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