Unit 2 Knowledge Quiz

What is the study of how people use resources to meet their needs and wants called?

• Sociology

• Economics

• Psychology

• Anthropology

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DOK Level 1: Recall

Which of the following is an example of a good?

• Haircut

• Car repair

• Toy

• Tutoring

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DOK Level 1: Recall

What term describes the limited resources available to meet unlimited wants?

• Abundance

• Scarcity

• Surplus

• Excess

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DOK Level 1: Recall

Which of the following is a service?

• Electronics

• Clothes

• Food

• Car repair

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DOK Level 1: Recall

What is the role of an economist?

• To sell goods and services

• To analyze data to understand how economies work

• To produce goods

• To distribute resources

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DOK Level 1: Recall

Explain how scarcity affects economic choices.

• Scarcity leads to unlimited resources, so choices are easy.

• Scarcity forces people to make choices about how to use resources.

• Scarcity has no impact on economic choices.

• Scarcity increases the availability of resources.

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DOK Level 2: Skill/Concept

How does demand influence the price of a good or service?

• Higher demand typically lowers the price.

• Higher demand typically raises the price.

• Demand has no effect on price.

• Demand always keeps the price constant.

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DOK Level 2: Skill/Concept

Identify a scenario where supply affects the economy.

• A new technology reduces the cost of production, increasing supply.

• A decrease in population increases supply.

• An increase in taxes decreases supply.

• A natural disaster increases supply.

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DOK Level 2: Skill/Concept

Why might a country focus on producing more goods than services?

• Goods are easier to produce than services.

• Goods can be stored and sold later, while services cannot.

• Services are more profitable than goods.

• Services require more resources than goods.

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DOK Level 3: Strategic Thinking

What might happen if a country experiences a scarcity of a key resource?

• The economy will not be affected.

• The country may need to import the resource or find alternatives.

• The resource will become less valuable.

• The supply of the resource will increase.

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DOK Level 3: Strategic Thinking