Econ Unit 1 Quiziz

Econ Unit 1 Quiziz

9th - 12th Grade

20 Qs

quiz-placeholder

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Econ Unit 1 Quiziz

Econ Unit 1 Quiziz

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Josh Crossland

Used 14+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

The condition of ________ can be described as one that exists when our unlimited needs/wants exceed our limited resources, forcing us to make choices.

recession

scarcity

opportunity cost

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When choices are made, all the other options that are given up are called:

tradeoffs

incentives

benefits

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Opportunity cost can best be described as:

the value of the next best alternative that is given up due to the choice you made 

the price you pay to purchase something 

the benefit you gain by making a decisions

the amount of debt you take on by making a decision 

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economist studies the price points at which Apple offers the newest iPhone model for sale. This is a study in:

Microeconomics

Macroeconomics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unemployment in the United States increased by 2% over the last year. This is an example of a:

normative economic statement

positive economic statement

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

In the Circular Flow Model, the inside arrows moving from households through the resource market to businesses represent:

GDP

factors of production

consumer spending

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

In the Circular Flow Model, the arrow moving from the government to households represents:

subsidies

taxes

welfare

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