Econ 1 Question Bank

Econ 1 Question Bank

12th Grade

•

40 Qs

quiz-placeholder

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Econ 1 Question Bank

Econ 1 Question Bank

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Easy

Created by

Sarah Timmins

Used 1+ times

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40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a mixed economy, how does government intervention in market failures demonstrate the balance between free enterprise and regulation?

By completely controlling all economic decisions
By selectively addressing externalities while preserving market autonomy
By eliminating all private sector involvement
By maintaining a purely laissez-faire approach

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the concept of marginal analysis explain why a restaurant might close despite having a full dining room?

The restaurant's total revenue exceeds total costs
Fixed costs are too high to consider
The marginal cost of serving additional customers exceeds the marginal benefit
Customer satisfaction is the only relevant factor

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the shape of a Production Possibilities Curve reflect the law of increasing opportunity costs?

The curve is perfectly linear
The curve is concave to the origin due to resource specialization
The curve shows only one production possibility
The curve is convex to the origin

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economic principle explains why a country with abundant skilled labor might specialize in technology services rather than agricultural production, even if it can produce both efficiently?

Absolute advantage
Comparative advantage
Economy of scale
Diminishing returns

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does scarcity influence the development of different economic systems across societies?

It forces all societies to adopt the same economic system
It creates a universal solution to resource allocation
It leads to varying approaches based on cultural and resource factors
It eliminates the need for economic systems

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In what way does technological advancement affect both the Production Possibilities Curve and opportunity costs?

It only shifts the curve inward
It shifts the curve outward and may alter the slope of the curve
It has no effect on opportunity costs
It only affects current production levels

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do traditional economies address the challenge of resource allocation differently from market economies?

They rely solely on government planning
They use only modern technology
They base decisions on customs and historical practices
They ignore scarcity completely

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