1st QT Economics Qualifying

1st QT Economics Qualifying

9th - 12th Grade

60 Qs

quiz-placeholder

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1st QT Economics Qualifying

1st QT Economics Qualifying

Assessment

Quiz

History

9th - 12th Grade

Practice Problem

Medium

Created by

Chiara Martinez

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60 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem in economics that arises because human wants are unlimited but the resources to satisfy them are limited?

Scarcity

Shortage

Abundance

Trade-off

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of human behavior related to the efficient use of limited resources to fulfill unlimited needs?

Economics

Sociology

Psychology

Political science

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a temporary situation where the quantity of a product supplied is less than the quantity demanded?

Shortage

Scarcity

Surplus

Opportunity cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the value of the next best alternative that you give up when you make a choice?

Opportunity cost

Benefit

Trade-off

Utility

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic principle states that we must choose between alternatives because resources are limited?

Trade-off

Opportunity cost

Scarcity

Shortage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do economists consider to be the 'factors of production'?

Land, labor, capital, and entrepreneurship

Goods and services

Wants and needs

Consumers and producers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of resource includes natural elements like topsoil, forests, and mineral deposits?

Land

Labor

Capital

Entrepreneurship

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