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Chapter 1 Intro to Economics Quiz

Authored by Vanessa Gonzalez

Social Studies

12th Grade

DOK Level 3: Strategic Thinking covered

Used 6+ times

Chapter 1 Intro to Economics Quiz
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What is scarcity? 

Giving something up to have something else
Extra cost of production
The condition that results form having unlimited wants with limited resources
Rise in general level of prices and workers need more money

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is choice?

The act of picking or deciding 
The best option possible
When something is very good
When someone has no say in a matter

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Something you can't live without

Want

Need

Desire

Value of Work

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Why was money used?

To look pretty

Using barley and buttons was getting old

Avoid the limitations of bartering

So we can print and make more of it

5.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What is opportunity cost?

The cost of producing one more unit

The value of the next best alternative foregone

The total cost of production

The cost of all resources used

6.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

A person who buys goods and services

consumer
entrepreneur
resource
currency

7.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What does barter mean?

to trade

To give someone something (item) and get something in return

to give in exchange

All responses are correct.

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