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Economic Concepts and Principles

Authored by Jerri Van Sickle

Social Studies

12th Grade

Used 12+ times

Economic Concepts and Principles
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the concept of scarcity in economics?

Unlimited resources available for use

Limited resources to meet unlimited wants and needs

Only natural resources are scarce

Scarcity only affects poor countries

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is best defined as:

The cost of every possible alternative

The value of the next best alternative that is forgone

The amount of money spent on an activity

The total cost of all alternatives combined

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT considered an economic resource?

A) Land

B) Labor

C) Money

D) Capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a point inside the production possibility curve represent?

Full employment of resources

Unattainable production levels

Underutilization of resources

Maximum efficiency

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do scarcity and choices force individuals to make trade-offs?

Because resources are abundant

Because opportunity cost is irrelevant

Because we cannot have everything we want

Because trade-offs are unnecessary

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

Land

Entrepreneurship

Technology

Labor

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can cause the production possibility curve to shift outward?

A) A decrease in the workforce

B) Technological advancements

C) Natural disasters

D) Increased unemployment

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