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Econ- 1.2 Formative Assessment- Option 2

Authored by Chris Schriever

Social Studies

11th Grade

Econ- 1.2 Formative Assessment- Option 2
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18 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

John goes to buy a shirt. He only planned on buying one shirt but there is a ‘buy two, get one-half price’ sale, so he decided to buy three shirts. This is an example of…(choose the BEST principle)

Thinking at the margins principle

Trade makes us better off principle

Cost versus benefits principle

Future consequences count principle

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following represents a marginal cost?

mortgage payments

the sum of fixed costs and

variable costs

wages and raw materials

the cost of producing one additional unit

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

On what economic priniciple is the woman remarking?

Pizza is scare in the United

States.

Pizza is a need and not a want.

Pizza is a valuable resource and therefore has a high cost.

The benefits of buying a pizza in Italy do not outweigh the costs.

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

Which of the following is an opportunity cost of the man's decision to go to

Italy to buy pizza?

The money spend on the

trip to Italy could have

been spent on other

things.

The man will still have to

purchase food and beverage on the flight.

The pizza in Italy will

taste better than pizza

made at home.

The $2 coupon is just an excuse to take a vacation.

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The loss of years of income resulting from the decision to go to college is the

marginal cost

variable cost

opportunity cost

total cost

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

How are scarcity and trade-off related to each other?

Trade-offs create the problem of scarcity

They are not related

Scarcity creates the need for trade-offs

Too many resources creates involves both scarcity and trade-offs

7.

FILL IN THE BLANK QUESTION

2 mins • 1 pt

In economics, marginal means ______.

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