ECON Chapter 1 Review

ECON Chapter 1 Review

12th Grade

65 Qs

quiz-placeholder

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ECON Chapter 1 Review

ECON Chapter 1 Review

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Tin Tran

Used 6+ times

FREE Resource

65 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity Cost is 
The alternatives you didn't choose
The second best alternative 
The negative aspects of an action
The choice you made

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between cost and opportunity cost?
Cost refers to the negative aspects a decision could have whereas opportunity cost only refers to the alternative you didn't choose
Opportunity cost refers to the negative aspects a decision could have whereas cost only refers to the alternative you didn't choose
They are interchangeable (they mean the same thing but are different parts of speech)
There are multiple opportunity costs to an individuals decision but only one cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are trade-offs except
A teenager decided to choose the smarties over the stickers, pencils, and tissues
A teenager decides to study instead of sleeping or being on her phone
Ford decides to make hybrids rather than SUVs
McDonald's needs to decide how many hamburgers to buy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement is true
Scarcity doesn't exist for everyone
Nothing in life is free
Rarely do we use economic thinking
Sometimes there is no downside to a decision

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired
Work
Money
Sleep
Time

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best example of scarcity
The restuarant is not crowded tonight 
The school parking lot only has 150 spaces but 200 students want to park there
There are 500 houses in the subdivision and 250 of them are occupied
A person decided to dye her hair blonde instead of red

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept is most fundamentally related to scarcity?
Choice
External costs
Benefits
Learned behaviors

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