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Intro to Economics Test

Authored by Maryann Johnson

History

12th Grade

Intro to Economics Test
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32 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the factors of production?

Land, Technology, Dirt, Resources

Land, Labor, Capital, Entrepreneurship

Land, Labor, Entrepreneurship

Resources used in the production of only services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The central problem in economics is:

Government

Busineseses

Scarcity

Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The limited availability of resources is known as...

Scarcity

Voluntary Exchange

Profit

Opportunity Cost

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

Comparative Advantage

Equilibrium Point

Income Effect

Opportunity Cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Economics?

The study of the supreme court decisions

The study of the choices people make to satisfy their unlimited wants and needs.

The study of the environmental rights in society

The study of historical choices in American Politics

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the 3 basic Economic questions?

Who, what, and for when to buy?

Why, for what, and for whom to decide?

When, why, and how to galvanize?

What, how, and for whom to produce?

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Your friend spends all night playing video games instead of studying for this quiz. What is the opportunity cost?

Playing video games

More time spent studying

Eating noodles

Voting in an election

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