What is Economics? Chapter 1

Quiz

•

Specialty

•

KG - University

•

Medium

Used 85+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A model economists use to show the maximum combination of goods and services that can be produced from a fixed amount of resources in a given period of time is called

an opportunity cost

production possibilities curve

hypothesis model

microeconomics model
microeconomics model

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity can best be defined as

A Shortage of a product

Where demand is greater than supply

Unlimited wants vs Limited resources

Limited wants vs unlimited resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(3) Which of the following is NOT a consumer good?

a bulldozer at a construction site

a Happy Meal at McDonalds

a pack of Doritos in a vending machine

a television set for sale at an appliance store

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(2) Which of the following resources would economists classify as “capital”?

Raw Bauxite in a South African mine

A hammer used in framing a house

A worker hired to repair engines

Trees used to make paper

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States has decided to spend more money on military goods and less on education. The opportunity cost for spending more money on military goods would be which of the following?

the satisfaction of destroying our enemies

the money used to fund the military

money to spend on education

better paid soldiers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ is the most basic economic problem.

Scarcity

Labor

Greed

Capital

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity Cost is best defined as

The best rejected alternative you give up when making a decision

The price you pay to purchase something

The benefit you gain by making a decision

The amount of debt you take on by making a decision

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

or continue with

Microsoft

Apple

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?

Similar Resources on Quizizz

15 questions

Company departments

Quiz

•

10th - 12th Grade

16 questions

EVERFI Vault Module 3: Income and Careers

Quiz

•

4th - 6th Grade

20 questions

Introduction to Career Clusters

Quiz

•

6th Grade

10 questions

Economics and You!

Quiz

•

7th Grade

10 questions

Horticulture I 1.01

Quiz

•

9th - 12th Grade

15 questions

Unit 1 FPF Quiz

Quiz

•

7th Grade

20 questions

Buying vs. Renting

Quiz

•

9th - 12th Grade

15 questions

SEM Chpt 2

Quiz

•

9th - 12th Grade

Popular Resources on Quizizz

15 questions

Character Analysis

Quiz

•

4th Grade

17 questions

Chapter 12 - Doing the Right Thing

Quiz

•

9th - 12th Grade

10 questions

American Flag

Quiz

•

1st - 2nd Grade

20 questions

Reading Comprehension

Quiz

•

5th Grade

30 questions

Linear Inequalities

Quiz

•

9th - 12th Grade

20 questions

Types of Credit

Quiz

•

9th - 12th Grade

18 questions

Full S.T.E.A.M. Ahead Summer Academy Pre-Test 24-25

Quiz

•

5th Grade

14 questions

Misplaced and Dangling Modifiers

Quiz

•

6th - 8th Grade

Discover more resources for Specialty

10 questions

Identifying equations

Quiz

•

KG - University

15 questions

Music 2016

Quiz

•

KG - 12th Grade

44 questions

logos

Quiz

•

KG - University

20 questions

Disney Characters

Quiz

•

KG

20 questions

Kids shows

Quiz

•

KG

20 questions

Guess that Disney

Quiz

•

KG - 5th Grade

20 questions

Cartoon Characters!

Quiz

•

KG - 5th Grade