REVIEWER - ANSWER  ME!

REVIEWER - ANSWER ME!

12th Grade

30 Qs

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REVIEWER - ANSWER  ME!

REVIEWER - ANSWER ME!

Assessment

Quiz

Other

12th Grade

Practice Problem

Easy

Created by

Excell Saavedra

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

1. What term refers to the study of how societies use scarce resources to produce valuable commodities and distribute them among different people?

                         

                        

A.    Economics   

B.   Management 

C. Marketing

D. Science

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Who is known as the “Father of Modern Economics”?

                          

                  

A.    Adam Smith     

B.   Frederick Taylor 

   C. Hugo Hursberg

        D. Max Weber

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

  1. What division of Economics deals with the economy as a whole with the view to understand that interaction between economic aggregate such as employment, inflation, and national income?

                  

                          

A. Macroeconomics         

B. Microeconomics  

C. Minieconomics

D. Normal Economics

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A business owner decides to hire more workers to meet growing customer demand. What economic concept is being applied?

                                   

                       

A. Allocation   

B. Capital formation  

C. Labor as a resource

D. Scarcity

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How is economics considered a social science?

A. It focuses only on math and graphs

B. It involves laboratory experiments

C. It is unrelated to people and decisions

D. It uses scientific methods to study human behavior related to choices and scarcity.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem faced by all countries?

A. Corruption

B. Inflation

C. Scarcity

D. Unemployment

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following refers to the limited availability of resources to meet unlimited wants?

                              

                                       

A. Consumption  

B. Inflation 

C. Opportunity

  D. Scarcity

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