
Economics Module 1 Review
Authored by Robin Baxter
Social Studies
9th Grade

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21 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A want is something people desire but can live without, while a need is something essential for survival. Which of the following best illustrates the difference between a want and a need, and how they relate to scarcity?
A need is food, which is essential for survival, while a want is a new video game, which is not necessary. Scarcity means there are limited resources to satisfy both.
A want is water, which is essential for survival, while a need is a new phone, which is not necessary. Scarcity means there are unlimited resources.
A need is a new car, which is essential for survival, while a want is air, which is not necessary. Scarcity means resources are always available.
A want is shelter, which is essential for survival, while a need is candy, which is not necessary. Scarcity means there are more resources than people need.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the economic concept at play in the following scenario: Knox has a big Algebra test tomorrow on which he must make a good grade in order to pass the class; he also has soccer tryouts after school tomorrow. He knows that if he doesn't practice soccer tonight, he might not make the team. He also knows that if he doesn't pass Algebra, his parents won't let him play soccer- even if he is good enough to make the team. Therefore, he decides to study Algebra until he feels confident about his ability to pass the upcoming test before he dedicates any time to soccer.
scarcity analysis
production factors
cost-benefit analysis
opportunity cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An estimation of revenue and expenses over a specified period of time is known as a budget.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Buy a new shirt and save the remaining money
Stay home because she can't afford any of the other options
Go to the movies and buy a new shirt
Go to the movies and save the remaining money
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are land, labor, capital, and entrepreneurship collectively called?
the supply and demand matrix
the factors of production
scarcity analysis
the decision-making model
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would be considered a land resource?
Petroleum
An oil drilling rig
A device for detecting earthquakes
A country road
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Point F
Point E
Point C
Point D
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