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Economics Test 1

Authored by Ramiro Castellanos

Social Studies

12th Grade

Used 1+ times

Economics Test 1
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Economics is

People trying to satisfy their needs by making choices

Business operations

Charts and Graphs

The study of currency and geopolitics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Getting a manicure would best describe

good

service

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys, concert tickets, etc.

Demand
Needs
Wants
Presents

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The study of how people seek ways to meet their wants and needs by making choices is called?

Economics
Scarcity
Capitalism
Entrepreneurs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is a subject that is focused on the study of:

How the government allocates its funds to different types of public spending

How resources can be used more efficiently to satisfy human wants

How  scarce resources are allocated to satisfy unlimited human wants 

How new economic resources are used by businesses

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is true?

Needs, wants, and resources are all unlimited

Needs and wants are unlimited but resources are limited

Needs and wants are limited but resources are unlimited

Needs, wants, and resources are all limited

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The central problem in economics is:

Government

Busineseses

Scarcity

Opportunity Cost

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