Economics Quiz

Economics Quiz

8th Grade

61 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

Geography

8th Grade

Medium

Created by

Keisha Ragland

Used 1+ times

FREE Resource

61 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity arises because all societies have:

Limited resources to satisfy unlimited wants

Limited needs and unlimited wants

Unlimited resources to satisfy limited wants

Unlimited needs and limited wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following are factors of production?

Supply and Demand

Consumer Preferences and Substitutions

Labor and Capital

Opportunity Cost and Trade offs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You want to upgrade your iPhone to the newest generation and have been saving money for several months. Your best friend tells you about a concert in Atlanta that is coming up next month. The price of the concert, transportation, hotel, and food will be the same cost as the newest iPhone. You decide to stick with your plan to buy the iPhone and miss the concert. What is the opportunity cost in this scenario?

The price of the iPhone

The price of the concert, transportation, hotel and food

The price of the iPhone and the concert combined

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Roger works at Starbucks making $13/hr. He also makes fried pies to sell out of a food truck. The ingredients cost $5 for 5 pies. It takes Roger 1 hour to make 5 pies. What is the opportunity cost of making 5 pies?

$5

$13

$18

$25

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Using the graph provided, what is the opportunity cost of moving from possibility B to possibility A?

5 microwaves

10 tires

25 microwaves

30 tires

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which point on the graph would be considered inefficient?

Point A

Point B

Point C

Point D

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which point on the graph is considered unattainable?

Point A

Point B

Point C

Point D

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