
Economic Concepts and Principles
Passage
•
Social Studies
•
12th Grade
•
Medium
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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