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Econ unit 1 Review Stulpe

Authored by Katelyn Stulpe

Social Studies

9th - 12th Grade

Used 14+ times

Econ unit 1 Review Stulpe
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32 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why are Opportunity Costs important?

Opportunity costs are the main cost for most companies

People should know the costs of other each alternative before making a decision

People do not know what they are giving up when they rule on option out

The effects to society are so large that it can cause poverty

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The need for people to make trade-offs is becuae of

Abundance

Free Enterprise

Labor Costs

Scarcity

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Wants are:

Unlimited

Limited

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who makes the decisions about the 3 economic questions in a command economy?

Traditional customs

Business owners

Consumers

The government

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

"The price and quantity of traded goods are determined by the interaction of supply and demand" best describes what kind of market?

Market economy

Command economy

Socialism

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Historical Customs are drive economic decisions of what kind of market?

Free Market
Traditional Market
Command Market
Mixed Market

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is included in the "land" part of the factors of production?

Natural resources

Employees

A machine

An office building

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