ECON Unit 1 Review

ECON Unit 1 Review

12th Grade

•

78 Qs

quiz-placeholder

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ECON Unit 1 Review

ECON Unit 1 Review

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Medium

Created by

Tin Tran

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78 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Choose all of the statements that are TRUE regarding scarcity.

(Select all answers that apply.)

We have unlimited wants, but our resources are limited.

The goods and services we want exceed our ability to produce them.

Scarcity forces consumers, producers, and governments to make difficult choices.

Scarcity is defined as the ability to satisfy all wants at the same time. All resources and goods are unlimited.

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Resources are factors of production that are used in the production of goods and services. Select all examples of resources.

production

capital

supply

natural

human

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term below is a selection of an item or action from a set of possible alternatives?

opportunity cost

choice

production

consumption

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term below is what is given up when a choice is made (the second-best alternative)?

opportunity cost

choice

production

consumption

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term below is the using of goods and services?

opportunity cost

choice

production

consumption

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term below is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services?

opportunity cost

choice

production

consumption

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do producers determine what will be produced?

They pay attention to consumer preferences and available resources.

They produce only what the government suggests they produce.

They roll the dice and hope for the best.

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