Economics Unit Review Quiz

Authored by Dustin McLochlin

Social Studies

11th Grade

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62 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define Opportunity Cost:

Opportunity cost is the cost of the next best alternative that is given up when making a choice.

Opportunity cost is the total cost of all alternatives considered.

Opportunity cost refers to the monetary value of a decision made.

Opportunity cost is the benefit received from the best alternative chosen.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define trade-off in relation to economics:

A trade-off is the increase in production of one good without affecting others.

A trade-off refers to the total amount of resources available in an economy.

A trade-off is the ability to produce unlimited goods and services.

A trade-off is the sacrifice of one good or service for another due to limited resources.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define marginal cost:

Marginal cost is the total cost of production for all units.

Marginal cost is the fixed cost incurred regardless of production levels.

Marginal cost is the cost of producing one more unit of a good or service.

Marginal cost refers to the average cost of producing multiple units.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Marginal Benefit:

The additional satisfaction gained from consuming one more unit of a good or service.

The decrease in satisfaction from consuming less of a good or service.

The average satisfaction from all units consumed.

The total cost of consuming a good or service.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define scarcity:

Scarcity is the condition where resources are limited in relation to wants.

Scarcity is the abundance of resources available to meet wants.

Scarcity refers to the situation where all resources are infinite.

Scarcity is the ability to satisfy all human desires without limitations.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define economics:

Economics focuses solely on financial markets.

Economics is the study of decision-making because of scarcity.

Economics is the analysis of historical events in relation to money.

Economics is the study of animal behavior.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define shortage:

A situation where the quantity demanded is greater than the quantity supplied.

A condition where there is an excess of goods available.

A balance between supply and demand.

A situation where the quantity supplied is greater than the quantity demanded.

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Economics Unit Review

Define Opportunity Cost:

Define trade-off in relation to economics:

Define marginal cost:

Marginal Benefit:

Define scarcity:

Define economics:

Define shortage:

Define land in relation to economics:

Define capital in relation to economics:

Define efficiency in relation to economics:

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