Intro to Economics

Intro to Economics

12th Grade

20 Qs

quiz-placeholder

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Intro to Economics

Intro to Economics

Assessment

Quiz

History

12th Grade

Easy

Created by

Phillip Hollingshead

Used 5+ times

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20 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

Which of the following IS a capital resource?

Wood
Computer
Labor
Knowledge

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A stove would be an example of a __________

Natural resource

Human Resource

Capital resource

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The social science that studies how society allocates its scarce resources is

Opportunity Cost

Economics

Scarcity

Capitalism

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the 3 questions that must be asked in Economics to determine what type of economy a country has? SELECT 3 ANSWER CHOICES

What is being produced?

How are you producing it?

Who will receive it?

What are the costs of the products?

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which IS NOT a way to use credit cards wisely?

consumer should have a goal to max out their credit limit
pay the full balance each month to avoid charges
pay bills on time to avoid late fees
set a limit for spending that you know can be paid off

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The creation of any kind of good or service is known as:

Input
Resources
Production
Entrepreneurship

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