Unit 1: Lesson 2 - Economic Decision Making-Master Notes

Unit 1: Lesson 2 - Economic Decision Making-Master Notes

11th Grade

37 Qs

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Unit 1: Lesson 2 - Economic Decision Making-Master Notes

Unit 1: Lesson 2 - Economic Decision Making-Master Notes

Assessment

Quiz

Social Studies

11th Grade

Hard

Created by

Melissa Egner

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37 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main focus of economics as defined in the material?

The study of ancient civilizations

The science of choices and how we use scarce resources

The study of weather patterns

The science of animal behavior

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an example of a limited resource mentioned in the material?

Time

Money

Water

Land

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are goods and services considered scarce?

Because people do not want them

Because the resources needed to produce them are scarce

Because they are always free

Because they are easy to produce

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a shortage and scarcity according to the material?

Shortages are permanent, scarcity is temporary

Shortages are usually temporary, scarcity is forever

Both are temporary

Both are permanent

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT listed as a type of scarce resource (factor of production)?

Land

Labor

Capital

Technology

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of 'land' as a factor of production?

The machinery used in refining oil

Property for sale inside city limits

Number of chemical engineers in the US

Cash money

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'labor' refer to in the context of scarce resources?

Only physical work

Only mental work

Human-provided labor, physical, mental, or both

Only machine work

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