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Social Studies
9th -
12thgrade
Day 6 Economics Quiz -Basic Economic Concepts
12 questions
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- 1. Multiple Choice
What are the alternatives that are given up whenever a decision is made about how to use resources?
opportunity costs
trade-offs
scarcity
goods and services
- 2. Multiple Choice
What is the opportunity cost of a decision to go to college after graduating from high school?
the cost of college
the cost of textbooks
getting a full-time job instead
the money that can made at a full-time job instead
- 3. Multiple Choice
What is the economic definition of a free product?
things that have a cost
something that is scarce
helps satisfies needs and wants
things that are so plentiful that no one can own them, and price can be attached to them
- 4. Multiple Choice
Why do economic products command a price?
because they are so plentiful
life would be impossible without them
because they help satisfy people's needs and wants, are scarce, and useful
no one can possibly own them
- 5. Multiple Choice
Which of the following is considered a good?
getting a haircut
a car
mechanic fixing a car
a teacher teaching a class
- 6. Multiple Choice
What type of good last 3 years or more when used on regular basis?
durable good
nondurable good
capital good
consumer good
- 7. Multiple Choice
What type of good is used to produce other goods?
durable good
nondurable good
capital good
consumer good
- 8. Multiple Choice
Which of the following is considered a service?
car
cell phone
a laptop
YouTube
- 9. Multiple Choice
What is the paradox of value?
something that has a worth that can be expressed in dollars and cents
some things that are essential to life do not have much value, and some things that are not essential have much higher value
some things that essential to life have more value that those things that are not essential
none of the above is correct
- 10. Multiple Choice
What makes something more valuable than other things?
utility
scarcity
it must be scarce and have utility
diminishing marginal utility
- 11. Multiple Choice
Economically speaking, the more that a person gets of a good or service, the less satisfaction they get from it refers to-
utility
value
scarcity
diminishing marginal utility
- 12. Multiple Choice
What concept does the circular flow of economic activity show?
diminishing marginal utility
economic interdependence
scarcity
wealth
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