
Economics Concepts
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9th - 12th Grade
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity Forces Trade Offs
Limited resources require individuals and societies to make choices and trade-offs.
Scarcity means that resources are unlimited and can be used freely.
Trade-offs are only necessary when resources are abundant.
Individuals and societies can ignore scarcity and make any choice they want.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Costs vs. Benefits
The evaluation of financial statements to assess profitability.
The comparison of the costs and benefits of a decision to determine the best course of action.
The process of budgeting for future expenses and revenues.
The analysis of market trends to predict future sales.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Relationship between Productivity and Costs
As productivity increases, the cost per unit of output typically decreases.
As productivity increases, the cost per unit of output typically increases.
As productivity decreases, the cost per unit of output typically decreases.
There is no relationship between productivity and costs.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Future Consequences Count
Decisions made today can have long-term effects and should be considered in decision-making.
Only immediate outcomes should be considered in decision-making.
Future consequences are irrelevant to current decisions.
Decisions should be made without regard to their future impact.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Utility
A measure of satisfaction or benefit derived from consuming goods and services.
A type of economic resource used in production.
A method of calculating profit margins.
A legal term for ownership rights.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Markets Coordinate Trade
Markets facilitate the exchange of goods and services between buyers and sellers.
Markets are places where only goods are sold.
Markets are only for buying and not for selling.
Markets are a type of financial institution.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Thinking at the Margin
Making decisions based on small changes in resources or consumption.
Making decisions based on large changes in resources or consumption.
Making decisions based on emotional responses to resources or consumption.
Making decisions based on historical data and trends.
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