
Econ Review
Quiz
•
Social Studies
•
12th Grade
•
Medium
Erika Landro
Used 1+ times
FREE Resource
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61 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: all resources are limited
scarcity
trade off
shortage
market economy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jeff wants his brother to do the dishes for him. He decides to offer his brother $5 a week to do the dishes. What is Jeff giving his brother?
A tradeoff
An incentive
A coercive bribe
An invisible hand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You purchase a non-refundable ticket to see a movie. Halfway through the movie you realize that it’s the worst movie you’ve ever seen. You decide to leave because you don’t want to waste your time. What economic concept best explains your decision to leave?
trade makes people better off
markets coordinate trade
sunk cost
scarcity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Definition: deciding how to spend one more unit of a resource
opportunity cost
thinking at the margin
cost-benefit analysis
economics
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What 3 things must we know about an economy to identify the type of economy it is?
birth rates, death rates, GDP
production, distribution, and marketing
how many businesses, what kind of businesses, and how well they are performing
production, distribution, and consumption
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All its core, economics is about studying
choices
dollars
success
businesses
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To an economist, land means
soil or dirt
how many acres a business owns
natural resources
entrepreneurship
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