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Eco Review

Authored by Vanessa Godinho

Social Studies

9th - 12th Grade

Used 4+ times

Eco Review
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25 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Tickets for a popular concert are selling out quickly. Many fans are eager to purchase them, but the venue can only accommodate a limited number of attendees. This is an example of:

Trade-off

Scarcity

Production Possibility

Opportunity Cost

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A student has a limited amount of time to study for two important exams that are scheduled on the same day. They must decide how to allocate their study time between both subjects, knowing that spending more time on one will mean less time for the other. This is an example of:

Trade-off

Scarcity

Production Possibility

Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A recent college graduate decides to take a year off to travel the world instead of starting a job immediately. The salary and work experience they miss out on during that year reflect the cost of their choice. This is an example of:

Trade-off

Scarcity

Production Possibility Curve

Opportunity Cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A country has to decide how to allocate its resources between producing consumer goods and capital goods. The various efficient production points where the country can produce different amounts of both goods are illustrated on a graph. This graph is called the:

Trade-off

Scarcity

Production Possibility Curve

Opportunity Cost

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a bakery, one of the key ingredients for making bread, such as flour, runs out. What is likely to happen to the bakery's production process?

Production costs decrease.

Production continues as usual.

Production may halt or be limited.

Production becomes more efficient.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When a company decides to allocate its budget to advertising rather than product development, what best describes the company's situation?

The benefits of a decision.

The alternatives available.

The sacrifices made when choosing one option over another.

The total cost of production.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, resources required for the production of goods and services are categorized into specific groups. Which of these are the 4 factors of production?

Land, capital, labor, and entrepreneurs.

Goods, services, capital, and land.

Money, resources, labor, and services.

Natural resources, machinery, labor, and market.

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