
Econ Reviewer
Authored by Moira Dizon
Social Studies
9th Grade
Used 2+ times

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38 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins ⢠1 pt
Pick the best description of what economics is
Is the study of proper allocation of resources
the study of managing finances
An exploration of how societies build infrastructure
A branch of mathematics dedicated to statistical analysis
2.
MULTIPLE CHOICE QUESTION
2 mins ⢠1 pt
Which of the following most accurately describes scarcity in the context of economics?
The presence of unlimited resources to meet unlimited human needs
The coexistence of abundant resources and limited human desires
A situation where the supply of useful resources is less than the demand for them
A scenario in which the government can fully meet the demands of its citizens
3.
MULTIPLE CHOICE QUESTION
2 mins ⢠1 pt
which of the following best describes a "trade-off"
Giving up one resource to obtain another, reflecting the careful allocation of resources
The practice of using multiple resources in a single task to maximize efficiency
A situation where unlimited resources meet unlimited human needs without any sacrifices
The process of simultaneously acquiring two resources for the price of one
4.
MULTIPLE CHOICE QUESTION
2 mins ⢠1 pt
What does "opportunity cost" in economics refer to
The total value of all resources used in a specific economic transaction
The cost of alternatives that are given up when a decision is made
The actual monetary expense of a particular choice
The price paid for a unique opportunity
5.
OPEN ENDED QUESTION
2 mins ⢠1 pt
Type down the 5 basic economic questions
Evaluate responses using AI:
OFF
6.
MULTIPLE CHOICE QUESTION
2 mins ⢠1 pt
the study of individuals, households and firms'
behavior in decision making and allocation of resources
Microeconomics
Macroeconomics
7.
MULTIPLE CHOICE QUESTION
2 mins ⢠1 pt
materials and substances that occur
naturally in the environment and are used by humans for various purposes
Manmade resources
Human resources
Natural resources
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