Economic Concepts and Principles

Economic Concepts and Principles

Assessment

Passage

Social Studies

12th Grade

Medium

Created by

Matthew Koch

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What is a 'need' in economics?

Something essential for survival

Something people desire but is not necessary

A luxury item

An investment opportunity

2.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What does 'opportunity cost' refer to in economics?

The cost of producing goods

The value of the next best alternative given up

The price of a product in the market

The cost of labor and materials

3.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What is the role of federal taxes?

To fund state-specific needs

To fund programs like defense, education, and infrastructure

To increase disposable income

To reduce production costs

4.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Who are considered 'producers' in economics?

Individuals who consume goods

Businesses that create goods or services

Government agencies

Financial institutions

5.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What does 'quantity' refer to in economics?

The price of a good or service

The amount of a good or service produced or consumed

The quality of a product

The efficiency of production

6.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What is the role of incentives in economics?

To decrease consumer demand

To motivate individuals to act in a certain way

To increase production costs

To eliminate competition

7.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What are the inputs used to produce goods and services?

Only natural resources

Only human resources

Natural resources, human resources, and capital

Only capital

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