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Unit 1 Test: The Economic Way of Thinking (2nd Tri 2024-2025)

Authored by Jasmine Tonks

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Unit 1 Test:  The Economic Way of Thinking (2nd Tri 2024-2025)
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49 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 2 pts

Which of the following is true about scarcity? (Select all that apply.)

It is a permanent situation
It affects individuals, businesses, governments, and societies
It forces people to make choices
It exists because wants exceed resources
Occurs when the quantity demanded by consumers is greater than the quantity supplied by producers.

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Why do producers and consumers have to make choices about how they will use resources?

People have unlimited wants and needs but limited resources
Resources are unlimited
People create governments to allocate resources
It is easy to run out of basic needs

3.

MULTIPLE SELECT QUESTION

30 sec • 2 pts

What makes a resource or good scarce? Check all that apply.

Is limited in quantity
Is desirable
Has more than one use
Is unlimited in quantity
Does not satisfy human needs and wants

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Scarcity or Shortage? I want steak for dinner but choose hamburger because it's cheaper.

Scarcity
Shortage

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Scarcity or Shortage? Due to Covid, stores had no toilet paper on the shelves.

Scarcity
Shortage

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which term describes the SATISFACTION you receive from eating an ADDITIONAL slice of pizza?

Marginal cost
Marginal benefit
Opportunity cost
Diminishing utility

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which example shows gains from trade through voluntary exchange?

Gave up playing a sport because I wanted to get an after-school job
Was forced to work late because a coworker called in sick
Studied more for a class after receiving lower than usual grades
Swapped fruit for candy during lunch

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