
1st QT Economics Qualifying
Authored by Chiara Martinez
History
9th - 12th Grade
Used 1+ times

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60 questions
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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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