Unit 1 Test- Part 1

Unit 1 Test- Part 1

12th Grade

20 Qs

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Unit 1 Test- Part 1

Unit 1 Test- Part 1

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Erick Taggart

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of

How individuals and society make choices based on scarce resources

How to run a business most profitably

How to predict inflation, unemployment, and stock prices

How the government can stop the harm of individual and business self-interest

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity refers to

everything having a cost

people weighing the costs and benefits of their choices

unlimited wants in a world of limited resources

mo' money, mo' problems

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What scarcity-related choice must the owner of this calendar make?

how to conduct meetings

how to best use their time

what to say on conference calls

what to say about campaign targets

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of 'needs' in economics?

Desires for non-essential items

Essential requirements for survival

Luxury items

Optional goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define opportunity cost.

The value of the next best alternative given up

The total cost of all alternatives

The benefit received from a decision

The process of evaluating options

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of entrepreneurs in the economy?

To innovate and create businesses

To consume goods and services

To provide labor

To regulate markets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are 'factors of production'?

Elements used to produce goods and services

Finished products

Consumer goods

Financial assets

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