Econ Exam #2 - Fall '23

Econ Exam #2 - Fall '23

9th - 12th Grade

40 Qs

quiz-placeholder

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Econ Exam #2 - Fall '23

Econ Exam #2 - Fall '23

Assessment

Quiz

Social Studies

9th - 12th Grade

Hard

Created by

Kellie Heiser

Used 4+ times

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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

your choice
what you give up to make a choice

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity? 

Having too many resources 
Not  having enough resources 

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

muffins 
cookies 

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Emelia has been invited to a sleep over at Chloe’s house for this Saturday.  Emelia has tickets to see her favorite band in concert that same night.  She decides to give the tickets to her sister and go to Chloe’s house.  What is the opportunity cost of her decision?

seeing her favorite band 
spending time at a friends house 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how

gov't allocates scare resources to satisfy people's unlimited wants.
gov't supplies money to businesses to produce goods & services.
people use their scarce resources to satisfy their unlimited wants.
businesses supply unlimited goods & services with limited resources.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The factors of production is / are ___________ needed to produce goods and services.

things
resources
energy
people

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Identify the factor of production. 

land
labor
capital
entrepreneurship

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