
Unit 1, Topic 1 Review Quiz
Authored by Aparna Badithe
Social Studies
12th Grade
Used 4+ times

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17 questions
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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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