What Is Economics

What Is Economics

12th Grade

15 Qs

quiz-placeholder

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What Is Economics

What Is Economics

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

John Robinson

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15 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Media Image

Which definition fits this picture.

The science of choice, exploring the choices made by individuals and organizations

The study of how many human beings coordinate their wants and desires, given the decision-making mechanism, social customs, and political realities of the society.

The study of choices when there is scarcity

The study of how to get people to do things they are not wild about and not to do things they are wild about.

All of them

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of how people seek to satisfy their wants and needs by making choices.

Scarcity

Economics

Shortage

Entrepreneur

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

This combination of limited resources & unlimited wants results in a condition known as_________

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Economics is often defined as the study of how people use _______ resources to satisfy _______ wants.

limited, unlimited

unlimited, limited

limited, limited

unlimited, unlimited

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a primary focus of macroeconomics?

Individual consumer behavior

The study of firms

National unemployment rates

The pricing of individual goods

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who is known as the father of modern economics?

Karl Marx

John Maynard Keynes

Adam Smith

Milton Friedman

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The concept of 'opportunity cost' is best described as:

The cost of an alternative that must be forgone to pursue a certain action

The total cost of producing a good

The cost of labor in production

The cost of raw materials

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