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Unit 3. Economic Problem (key terms)

Authored by Rebecca Bond

Social Studies

9th Grade

Used 1+ times

Unit 3. Economic Problem (key terms)
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how societies manage their scarce resources?

Physics

History

Economics

Biology

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity refer to?

Having unlimited resources

Having limited resources

Having no resources

Having equal resources for all

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost?

The cost of resources

The benefit of resources

What we must give up to get something else

The total cost of all resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the types of resources used for producing goods/services?

Plants, Animals, Minerals

Gold, Silver, Copper

Land, Labour, Capital, Entrepreneurship

Water, Air, Fire

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the process of focusing on one skill and becoming an expert in it?

Diversification

Specialisation

Generalization

Standardization

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the economic policy of protecting a country's producers by limiting imports from other countries?

Barriers to Trade

Protectionism

Globalization

Free Trade

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a tax on imported goods called?

Tariff

Excise

Taxation

Subsidy

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