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Economics Unit 1 CH. 1-3

Authored by Grayson Requarth

Social Studies

12th Grade

25 Questions

Used 22+ times

Economics Unit 1 CH. 1-3
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is it called when each worker learns one task very well?

scarcity

consumerism

specialization

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(blank) represents the range of production possibilities.

scarcity

consumerism

production possibilities curve

factor market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This measures a country's output and economic health.

gross domestic product

consumerism

economic interdependence

factor market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a nondurable good?

book

computer

money

food

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A nation's wealth is determined by its

accumulation of all tangible and intangible resources

natural resources

accumulation of all tangible products

product possibilities frontier

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers waiting in long lines for new products is an example of

consumerism

consumer rights

consumer responsibility

scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n)

production possibility comparison

cost-benefit analysis

economic model

needs assessment

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