Search Header Logo

Unit 1 The Global Economy

Authored by Danielle MiddleCreekHS

Social Studies

12th Grade

DOK Level 2: Skill/Concept covered

Used 12+ times

Unit 1 The Global Economy
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental reason for scarcity in economics?

Because resources are unlimited and can satisfy all human wants.

Because resources are limited and cannot satisfy all human wants.

Because inflation reduces the purchasing power of money.

Because technological advancements eliminate the need for resources.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key benefit of capitalist economies over communist economies?

More stable economic cycles

Increased consumer choice

Fairer distribution of resources

Broader social welfare systems

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a fundamental characteristic of a socialist economic system?

Emphasis on individual entrepreneurship and private profit.

Government ownership and control of major industries.

Free market competition without restrictions.

Decentralized decision-making by private entities.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Kai is setting up a new business and is considering what he needs to get started. Which of the following is NOT an example of a capital good?

A person’s skills and abilities, which can be employed to produce valuable goods and services

Factories and offices where goods and services are produced

Tools and equipment

Computers and Robotics used by a company

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sarah decides to spend her afternoon volunteering at a local shelter instead of going to a concert with her friends. What is an example of Sarah's opportunity cost?

Gaining experience from volunteering

Missing out on the concert experience

Both of her choices are opportunity costs.

Neither of her choices are opportunity costs.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Josh buys a cheeseburger at Burger King. What type of market is he participating in when he buys the cheeseburger?

Free Market

Factor Market

Product Market

Command Market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sarah is a freelance graphic designer and charges $15 per hour for her services. In which market is she participating when she offers her design services?

Free Market

Factor Market

Product Market

Command Market

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?