SSEF Unit 1 Review

SSEF Unit 1 Review

11th Grade

20 Qs

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SSEF Unit 1 Review

SSEF Unit 1 Review

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Medium

Created by

Franklin Goodwin

Used 10+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes scarcity?

Having unlimited resources

The basic economic problem of unlimited wants and limited resources

Having enough resources to satisfy all wants

Only applying to poor countries

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three basic economic questions?

What to produce, how to produce, for whom to produce

Who to hire, what to sell, how much to charge

Where to locate, when to open, how to advertise

What to buy, where to shop, how much to spend

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The monetary price of a good or service

The next best alternative given up when making a choice

The cost of producing a good or service

The benefit received from consuming a good or service

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a capital resource?

A factory worker

Money in a bank account

A delivery truck

Crude oil

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a characteristic of rational decision making?

Weighing costs and benefits

Making choices based solely on emotion

Considering alternatives

Gathering relevant information

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of increasing opportunity costs?

As more of a good is produced, its price increases

As more of a good is produced, the opportunity cost of producing additional units increases

As more of a good is consumed, its utility decreases

As more of a good is traded, its value increases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a positive economic statement?

The minimum wage should be increased

Higher taxes are unfair

The unemployment rate is 5%

Government spending should be reduced

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