ECO1_U1

ECO1_U1

University

15 Qs

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ECO1_U1

ECO1_U1

Assessment

Quiz

English

University

Practice Problem

Medium

Created by

Võ Ngữ

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Economics is the study of how humans make decisions in the face of _______.

abundance

scarcity

consumption

prosperity

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Human _______ for goods, services, and resources exceed what is available.

production

specialization

wants

decisions

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The ultimate scarce resource is _______ because everyone has only 24 hours in a day.

time

money

labor

land

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Resources such as labor, tools, and raw materials are _______ in supply.

limited

infinite

renewable

unnecessary

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A _______ determines how a nation allocates its financial resources.

decision

budget

labor force

policy

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The division and _______ of labor increases production efficiency.

consumption

specialization

scarcity

allocation

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Every society must make _______ about how to use its resources.

tools

efficiency

choices

production

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