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Economics Quiz

Authored by Jeremy HS]

Social Studies

12th Grade

Used 11+ times

Economics Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Economics?

The study of how people make choices to satisfy their wants

The study of governmental fiscal policies

The study of historical financial trends

The study of planetary resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

The abundance of resources

The limited nature of society's resources

The unlimited wants of individuals

The efficient distribution of resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All resources are scarce.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not considered a factor of production?

Land

Labor

Liquidity

Capital

5.

OPEN ENDED QUESTION

3 mins • 1 pt

What is an opportunity cost?

Evaluate responses using AI:

OFF

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When drawing a production possibilities curve, economists assume 90% efficiency.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a production possibilities curve, all points under the curve are:

Efficient

Inefficient

Unattainable

The optimal production point

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