Study Area 1 Quiz #1

Abigail and Henry are discussing what term describes desires for goods and services that are not necessary for survival but can provide a higher living standard. What is the term?

• Wants

• Needs

• Resources

• Microeconomics

Priya and Anika are discussing what are things we must have that are necessary for survival, such as food?

• Wants

• Needs

• Relative Scarcity

• Economic Sustainability

Priya and Ethan are discussing a condition in which human wants are forever greater than the resources available to satisfy them. What is this condition called?

• Relative Scarcity

• Economic Sustainability

• Productive Efficiency

• Ceteris Paribus

Aria and James are working on a project to determine the ability to use existing resources in the best possible way in order to support existing or optimal levels of production in the long run. What is this ability called?

• Economic Sustainability

• Microeconomics

• Resources

• Production Possibilities Frontier

Ava and Liam are discussing which branch of Economics studies decision making for the economy as a whole. Which one is it?

• Macroeconomics

• Microeconomics

• Economic Sustainability

• Productive Efficiency

Avery is studying how a local bakery decides on the quantity of bread to bake each day and how it sets its prices. Which branch of economics is Avery studying?

• Microeconomics

• Macroeconomics

• Economic Sustainability

• Relative Scarcity

Grace and Ethan are discussing how to allocate their limited budget for school supplies. What is the study of how individuals and societies make decisions to maximize the use of scarce resources?

• Economics

• Resources

• Wants

• Needs

Daniel and Abigail are managing a factory. What is the condition in which a maximum quantity of goods and services can be produced, given a limited amount of input resources?

• Productive Efficiency

• Economic Sustainability

• Relative Scarcity

• Macroeconomics

Scarlett and Ethan are working on a project to ensure their school's resources are used in the best possible way to support optimal levels of production in the long term. What term is used to describe this ability?

• Economic Sustainability

• Productive Efficiency

• Relative Scarcity

• Macroeconomics

Avery and Noah are discussing the branch of Economics that studies decision making for the economy as a whole. What term describes this branch?

• Macroeconomics

• Microeconomics

• Economic Sustainability

• Relative Scarcity