PF/Econ Unit 1 Review

PF/Econ Unit 1 Review

12th Grade

41 Qs

quiz-placeholder

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PF/Econ Unit 1 Review

PF/Econ Unit 1 Review

Assessment

Quiz

Social Studies, History

12th Grade

Practice Problem

Easy

Created by

Kendrick Thompson

Used 2+ times

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41 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is opportunity cost?

What you choose

What you give up when you make a choice

The opportunity you take when you have a job interview

The opportunity you when you turn down a job

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Why is there scarcity?

Entrepreneurs are scarce and companies need leaders

Some people are poor while some people are wealthy

Wants are limited but needs are not

Resources are limited but wants are unlimited

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which economic system is present in the United States?

Mixed Economy

Command Economy

Market Economy

Traditional Economy

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Read the following scenario. Which economic system is Jim most likely living under?

Jim works in a government owned restaurant. He was assigned the position of manager by the government. The government determines the menu for the restaurant and what the price of each meal will be. Jim has very little freedom to make his own choices for the restaurant.

Market Economy

Traditional Economy

Command Economy

Mixed Economy

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A farmer decides to grow potatoes instead of wheat. What is the opportunity cost of growing the potatoes?

The price of potato sales

The output of wheat

The time spent on the potato field

The potato production

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Individuals who create a product to sell or open a business are called what?

Sharks

Entrepreneurs

Teachers

Consumers

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is NOT a Basic Question of Economics?

What to Produce

Where to Produce

How to Produce

For Whom to Produce

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