Exam #1: Introduction to Basics of Economics

Exam #1: Introduction to Basics of Economics

12th Grade

50 Qs

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Exam #1: Introduction to Basics of Economics

Exam #1: Introduction to Basics of Economics

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

C.J. Schmidt

Used 3+ times

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50 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Which of the following is an example of a good?

Healthcare
Car
Video games
Pizza

2.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

A service is best described as:

Something essential for survival
A physical object
An action or activity performed for someone else
A type of natural resource

3.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

If you choose to spend your money on a vacation rather than a new laptop, what is the opportunity cost?

The value of the laptop and everything it can be used for in the future
The value of the vacation (experiences, memories, time with friends/family, etc.)
The value of both the laptop and the vacation
The value of the next best alternative given up

4.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Trade-offs are:

Sacrificing one thing for another
Getting everything without any consequences
Ignoring all the available choices

Choosing between two or more desirable options

5.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

Opportunity cost is:

The total value of all alternatives
The cost of goods and services combined
The value of the original choice
The value of the next best alternative given up

6.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

 In U.S. society today, which of the following is considered a need?

Healthcare
Designer clothing
Streaming subscription
Luxury car

7.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

A want is best described as:

A type of natural resource
Something essential for survival
An item that is desired but not essential for survival
An action or activity performed for someone else

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