Econ Chapter 1

Econ Chapter 1

12th Grade

13 Qs

quiz-placeholder

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Econ Chapter 1

Econ Chapter 1

Assessment

Quiz

Financial Education

12th Grade

Practice Problem

Easy

Created by

Dustin Waters

Used 41+ times

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13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Davonte's boss informs him that the firm he works for is going to be promoting someone to the position of Vice President sometime in the next six months. Davonte wants the job, so he works as hard as he can to impress his boss and bring in profits for the company. Davonte is motivated by a

rational decision

negative incentive

positive incentive

list of alternatives

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Robert decides to go on a backpacking trip in Alaska. In order to go on this trip, he has to give up $600 and a week's worth of vacation time. These are examples of what?

opportunity costs

production possibilities

growth

trade-offs

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The people who work in a law firm all want new computers. Which statement BEST represents their winning statement for buying new equipment?

Our equipment is old and outdated

We know where we can get a good sale price

We are willing to give up our new office chairs and desks as a trade-off.

The marginal benefits of better computers outweigh the marginal costs of purchasing them.

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What do bonuses, promotions, and profit-sharing have in common?

They all involve fines

They are all financial incentives

They are incentives that do not work with most people.

They are incentives practiced by government.

5.

OPEN ENDED QUESTION

5 mins • 1 pt

Leah loves both band and chorus in middle school. She also wants to play lacrosse. Practces for all three activities are held on the same days. Her parents tell her she can do only one activity. If she chooses band, what is her opportunity cost?

Evaluate responses using AI:

OFF

6.

OPEN ENDED QUESTION

5 mins • 1 pt

What is Leah's trade-off?

Evaluate responses using AI:

OFF

7.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

The Swiss family loves TV. They have just bought a TV in the living room, dining room, kitchen, and each of their three bedrooms and two bathrooms. At which TV purchase does the Law of Diminishing Marginal Utility kick in for them?

TV #2

TV #5

TV #8

TV #9

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