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FBLA Exploring Economics

Authored by John Robinson

Social Studies

12th Grade

Used 1+ times

FBLA Exploring Economics
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Your friend spends all night playing video games instead of studying for this quiz. What is the opportunity cost?

Playing video games

More time spent studying

Eating noodles

Voting in an election

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

What does utility in economics refer to

giving up one product for another without sacrificing resources

the study of making choices to satisfy their unlimited wants and needs

trading one set of goods for another not using money

advantage of fulfillment a person receives from consuming a good or service

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A local yard sale would be considered which economic system?

Mixed Economies

Market Economies

traditional Economies

command Economies

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Exchanging chips for hats is an economic example of

Specialization

Barter

Scarcity

Absolute Advantage

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

—Measure of value that allows producers and consumers to determine worth.

Money

Barter

Trade

Utility

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary focus of FBLA Exploring Economics?

Understanding economic principles

Learning about historical events

Studying political systems

Exploring scientific theories

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a key concept in economics that FBLA Exploring Economics might cover?

Photosynthesis

Supply and demand

Newton's laws

The water cycle

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