Economics Unit 1 Review
Authored by Catherine Watson-Short
Social Studies
12th Grade
Used 2+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economics is important because...
it shows us how we allocate scarce goods and services.
Mrs. Short likes it.
it helps us understand dictators.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
We measure risk and reward using...
Price
Expected Value
Quantity
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What assumption do economists make?
That politicians care about economics.
That the government stays out of markets.
That people are rational.
4.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What is the formula for expected value?
Potential Reward
x
Probability of Success
Potential Reward
/
Probability of Success
Potential Reward
+
Probability of Success
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A table showing the relationship between price and Qd is...
A supply schedule
A demand schedule
A market schedule
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A table showing the relationship between price and Qs is...
A supply schedule
A demand schedule
A market schedule
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A table showing the relationship between price, Qd, and Qs is...
A supply schedule
A demand schedule
A market schedule
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