Civics/Economics B Vocabulary Unit 2

Civics/Economics B Vocabulary Unit 2

10th Grade

18 Qs

quiz-placeholder

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Civics/Economics B Vocabulary Unit 2

Civics/Economics B Vocabulary Unit 2

Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Hard

Created by

Jedy Hodge

Used 3+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Economics is the study of how individuals and societies allocate _______ resources to satisfy unlimited wants and needs.

limited

abundant

excess

finite

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is the fundamental economic problem of having _______ resources to meet unlimited wants.

limited

plentiful

excess

abundant

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Economic Quest is the pursuit of solutions to economic problems, such as _______ allocation and wealth distribution.

resource

labor

capital

investment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity Cost is the value of the next best _______ given up when making a choice.

alternative

solution

option

choice

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Fixed Cost is a cost that does not change with the level of _______ or output.

production

labor

sales

investment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Variable Cost is a cost that fluctuates based on the level of _______ or output.

production

sales

demand

activity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Competition is the rivalry between businesses or individuals to attract _______ and achieve economic success.

customers

suppliers

employees

investors

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