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UNIT 1 ECONOMICS EXAM

Authored by Derreck Hernandez

Social Studies

12th Grade

Used 5+ times

UNIT 1 ECONOMICS EXAM
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Market 
Tradeoff
Scarcity 
Equity 

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is Opportunity Cost?

the opportunity one has to give up in order to gain something else

Land, labor, capital, and entrepreneurs

a graph that shows how much an economy can produce between two goods

how much money something is

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An Incentive is:

the option to select or make a decision when faced with two or more possibilities

a circumstance that contributes to a result or outcome

a benefit or cost that influences a person's decision

a conclusion or resolution reached after consideration

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

____ is the study of how individuals, businesses and governments organize their limited resources to get the products and services they want.

History

Government

Economics

Sociology

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The idea that we have unlimited wants but limited resources is called...

entrepreneurship

investments

economics

scarcity

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Business owners who organize the factors of production, invest resources in ventures and are willing to take risks in order to make profit are called _____.

entrepreneurs

economists

teachers

businessmen

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

_______ includes the tools, equipment and factories used in production.

labor

entrepreneurship

capital

goods

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