
Economics Review

Quiz
•
Other
•
9th - 12th Grade
•
Hard
ReaganEL ReaganEL
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38 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Humans have wants that are greater than the limited _________ available. This forces us to make choices among alternatives.
2.
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1 min • 1 pt
Individuals consider trade-offs during a cost/benefit analysis, which may examine the ________ ____(the value of the next best option).
3.
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1 min • 1 pt
________ utility is the measurement of the benefit enjoyed by consuming the next good, given one's current circumstances.
4.
OPEN ENDED QUESTION
3 mins • 1 pt
What are the four resources that producers likely need to produce goods?
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Answer explanation
Capital Resources (machines and tools used to aid in production), Natural Resources (materials taken from the earth and transformed to meet consumers demands) , Human Resources (people to operate and manage the production process), and Entrepreneurial Ideas (someone to direct produce toward the best market options)
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The ________ price (or market clearing price) is established at the point where the quantity demanded matches the quantity supplied.
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
When the price moves higher the quantity ________ will be higher and the quantity _______ will be lower.
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
If a price ceiling is set below the market clearing price, there will probably be a _______ of that good or service.
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