
Economics Chapter 1 Review
Authored by Toni Allston
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12th Grade
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26 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the best definition of a "need"?
Something you would like to have
Something you must have for survival
A luxury item
A non-essential item
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a "want"?
Food
Water
Shelter
Smartphone
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a "good"?
A haircut
A car
A legal consultation
House cleaning
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a "service"?
A book
A meal
A car wash
A computer
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
"Scarcity" refers to the concept that:
Resources are unlimited
There is not enough of something for everyone
Prices are always high
Only luxury goods are hard to find
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of:
Wealth accumulation
Human behavior
How societies manage their scarce resources
Stock markets
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a "shortage"?
A long-term scarcity of resources
A temporary lack of supply
A situation where demand exceeds supply permanently
An oversupply of goods
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