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Social Studies
9th -
12thgrade
Chapter 1 Practice Quiz - Intro to Economics
25 questions
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- 1. Multiple ChoiceThe conflict between unlimited wants and limited resources is called:Basic economic scarcityWantsScarcityFactors of Production
- 2. Multiple ChoiceA person who buys goods and servicesconsumerentrepreneurresourcecurrency
- 3. Multiple ChoiceIndividuals who come up with a new idea for a good or service, then they make it a realityresourcehuman resourcesconsumerentrepreneur
- 4. Multiple ChoiceWhen something given up for something else is called?ChoiceCapitalismInflationOpportunity Cost
- 5. Multiple ChoiceOn this PPC, which point is efficient?ACDNone
- 6. Multiple ChoiceOn the PPC, which point is inefficient?ABCD
- 7. Multiple ChoiceOn the PPC, which point is unobtainable?ABCD
- 8. Multiple Choice
In college, people can major in a wide variety of fields including medicine, journalism, business, and design among others. This is an example of the concept of
scarcity
specialization
elastic demand
progressive taxation
- 9. Multiple Choice
Which factor of production is the following: Wood
Land
Labor
Capital
Entrepreneurship
- 10. Multiple Choice
Which factor of production is the following: A Tractor
Land
Labor
Capital
Entrepreneurship
- 11. Multiple Choice
Which of the following might represent a shift to the left on a Production Possibilities Curve?
An earthquake in a manufacturing region
The release of a new iphone
Conquering new territory
The advent of chemical fertilizers
- 12. Multiple Choice
Which term explains why an economy's PPC point would fall below the frontier?
Underutilization
Opportunity Cost
Growth
Technology
- 13. Multiple Choice
What trade off is involved in purchasing a bike?
Exchanging time for money
Exchanging money for goods
Exchanging money for services
Exchanging money for services
- 14. Multiple Choice
Adam Smith is the founder of which economic system?
Communism
Capitalism
Traditional economies
Industrial economies
- 15. Multiple ChoiceEconomics isthe study of how us humans and animals spend our moneythe study of how people choose to use their limited resources to satisfy their unlimited wantsthe study of personal financesthe study of costs and benefits
- 16. Multiple ChoiceYou are trying to decide whether you should buy a new car or a used car. What economic principle would be most helpful in solving this economic problem?Costs v. benefits analysisScarcity forces tradeoffsScarcityIncentives matter
- 17. Multiple Choice
I have to decide between eating a salad for dinner or a hamburger and fries. I can't have both. I decide to go with the salad. What economic concept is this showing by going with the salad?
Economics
Capital
Incentives
Opportunity cost
- 18. Multiple ChoiceChoose the best answer that shows the difference resources used in economic decisions.Labor, capital, entrepreneurship, landIdeas from people and their friendsWood, water, dirt, metalsBooks, inventors, scarcity
- 19. Multiple ChoiceSmith believed that the economy operated according to three natural laws involving this concept...self-interestcompassioncitizenshiptrustworthiness
- 20. Multiple Choice
Laissez-faire capitalism as attributed to Adam Smith called for
heavy taxation of manufacturers
strict government control of the economy
minimal government involvement in the economy
government investments in major industries
- 21. Multiple ChoiceScarcity can best be defined asA Shortage of a productWhere demand is greater than supplyUnlimited wants vs Limited resourcesLimited wants vs unlimited resources
- 22. Multiple ChoiceThe study of the behavior and decision making of entire economies.MicroeconomicsMacroeconomicsPublic SectorPrivate Sector
- 23. Multiple ChoiceThe study of the economic behavior and decision making of small units.MicroeconomicsMacroeconomicsPublic SectorPrivate Sector
- 24. Multiple ChoiceWhat would be the opportunity cost of Ethan changing his production of 225 soccer balls and 100 footballs to producing 125 soccer balls and 300 footballs?300 footballs225 soccer balls125 footballs100 soccer balls
- 25. Multiple ChoiceUtility is thebenefit or satisfaction that a person gets from the consumption of a good or servicemeasure of how useful a resource is in the production processmeasure of productivity associated with a good or serviceeconomic term for consumption possibilities
- Answer choicesTagsAnswer choicesTags