
Unit 1 MCQ Review
Authored by Josh Winicki
Other
9th - 12th Grade

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which of the following situations is a good not scarce?
There is a shortage of dumplings
There is a surplus of iPhone 4s
Large quantities of a good are available
Buyers can purchase as much of a thing as they want
Consumers give up nothing to obtain more of the good
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of economics is primarily concerned with which of the following?
The dynamics of group behavior
The equal treatment of all consumers
The allocation of scarce resources, given unlimited wants
Providing conclusive answers to issues of public policy
The testing of hypotheses under controlled conditions
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The basic economic problem of all countries is the existence of:
Tax increases and budget deficits
Unemployment and inflation
Public vs private goods
Limited resources and unlimited wants
Monopolistic power
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
As a factor of production, which 4 options are NOT considered capital? SELECT FOUR.
Tools and machinery used to produce goods and services
Currency in circulation
Money to start a business
Financial investments
Stocks and bonds
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is necessary in a well-functioning capitalist economy but not in a command economy?
Negative externalities
Protection of property rights
Centralized decision making
Oligopolies
Scarcity of resources
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The fundamental difference between a market and command economy is:
Taxes and subsidies
Absolute and comparative advantage
Specialization and trade
Positive and negative externalities
Property rights and protection of private property
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a linear PPC indicate?
Decreasing opportunity costs
Increasing opportunity costs
Diminishing marginal returns
Capital-intensive production
Constant opportunity costs
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