Comment assessment

Comment assessment

12th Grade

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55 Qs

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Comment assessment

Comment assessment

Assessment

Quiz

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Other

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12th Grade

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Practice Problem

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Easy

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Sonia Cruz-Hernandez

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55 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement best expresses the economic problem of scarcity?

It exists only in poor, underdeveloped countries.

It exists only in a natural disaster.

It existed in the past because of inefficient technology.

It is the basic economic problem facing all societies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A teenager named Carlos started a car-washing business. He bought 1/4 acre of land downtown and constructed 3 washing bays. He hired 4 workers for his business and trained them to shine tires and clean upholstery. What is considered human capital?

the 3 washing bays

the 4 workers

Carlos

training the workers

the acre of land downtown

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

In the figure above, the opportunity cost of producing 50 popcorn instead of 40 popcorn is

15 corn on the cob

50 popcorn

10 corn on the cob

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jamie must decide whether to buy a new truck. He concludes that the marginal costs of buying the truck are greater than the marginal benefits. In Jamie's case, buying the truck would be

a rational economic decision

an irrational economic decision

an opportunity cost

a productive choice

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Country A wishes to increase Economic growth and productivity, Country A's BEST course of action to take is to

increase production of natural resources

increase production of consumer goods

pay entrepreneurs to develop new products

increase human capital through education

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

According to the PPC, what point demonstrates the economy has grown and production has increased?

A

B

C

D

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most common type of resource allocation strategy used in a free market economy.

First Come, First Serve

Personal Characteristics

Price

Majority rule

Authority

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