Unit 1, Topic 1 Review Quiz

Unit 1, Topic 1 Review Quiz

12th Grade

17 Qs

quiz-placeholder

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Unit 1, Topic 1 Review Quiz

Unit 1, Topic 1 Review Quiz

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Aparna Badithe

Used 4+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is given up when an economic decision is made.

Opportunity Cost

Scarcity

Trade-Offs

Capital Gains

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Alternative choices when making an economic decision

Productions Possibilities Curve

Opportunity Cost

Scarcity

Trade-Offs

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Economics is the study of

How people make and spend money.

How people use unlimited resources to satisfy their limited wants.

How people use scarce resources to satisfy unlimited wants and needs.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Scarcity is

the condition humans daily face in which we have unlimited human wants in a world of limited resources

a saying that communicates the idea that all decisions cost something

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The total utility definition states:

The usefulness, benefit or satisfaction a consumer gains from consuming a product.

The satisfaction gained from consuming a quantity of an economic good, measured in utils.

The added consumer satisfaction from consuming a quantity of a good.

The consumer's satisfaction from consuming a quantity of a good.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is Marginal Cost?

cost of my second choice

additional cost of the use or consumption of another G or S

cost of a good or service

cost of my first choice

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

I bougt a cup of Starbucks coffee for $1.50. I decided to have another cup. What was my cost?

My opportunity cost was $1.50

My Marginal Cost was $1.50

There was no marginal or opportunity cost

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