Economics & Supply/Demand Review
Authored by LEIGH ANN DAWSON
Business
10th Grade
Used 99+ times
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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of how individuals and societies make decisions about resources, production, distribution, exchange, and consumption of goods and services is called:
Economics
Social science
Economic utility
Inflation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of the behavior and decision-making of individuals and businesses in an economy is called:
Macroeconomics
Microeconomics
Economic utility
Economic want
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of the behavior, performance, structure, and decision-making of an economy as a whole is called:
Economic want
Economic good
Macroeconomics
Microeconomics
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choosing between two things that cannot be had or done at the same time is called a:
Noneconomic want
Opportunity cost
Resource
Trade-off
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not one of the three basic economic questions societies must answer?
What should be produced?
How should items be produced?
For whom should items be produced?
Where should items be produced?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All the components needed for production, including natural resources, labor, capital goods, and expertise, are called:
Resources
Economic wants
Noneconomic wants
Producers
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Natural resources are materials and substances found in nature that are used for economic:
Scarcity
Gain
Utility
Need
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