Unit 1: Intro to Economics

Unit 1: Intro to Economics

8th Grade

19 Qs

quiz-placeholder

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Unit 1: Intro to Economics

Unit 1: Intro to Economics

Assessment

Quiz

Business

8th Grade

Practice Problem

Easy

Created by

MARISA BOWE

Used 23+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity? 

Giving something up to have something else
Extra cost of production
The condition that results form having unlimited wants with limited resources
Rise in general level of prices and workers need more money

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is choice?

The act of picking or deciding 
The best option possible
When something is very good
When someone has no say in a matter

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is

the study of how people produce distribute and use goods and services.
the study of producers and consumers.
the study of the United States.
the study of how economists do their jobs.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The place where goods and services are exchanged

barter
currency
market
resource

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Something you can't live without

Want

Need

Desire

Value of Work

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the functions of money?

To look good

Units of discounting

Medium of exchange

It holds no value

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which is an example of rational self-interest (there are two correct answers)?

Choosing a TV when budgeting because you enjoy watching TV.

Getting coffee once a week because you want a treat.

Needing air to breath.

Having to wear shoes to school.

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