Midterm Fall 2025

Front

What is scarcity in economics?

Back

The limited nature of resources compared to wants

Tags

GA.SS.12.SSEF1

Front

Which term describes the additional benefit received from consuming one more unit of a good or service?

Back

Marginal benefit

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GA.SS.12.SSEF2

Front

Factor influencing the standard of living in a country?

Back

Access to education

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GA.SS.12.SSEF4

Front

Scarcity forces individuals, businesses, and governments to:

Back

Make choices about how to use limited resources

Tags

GA.SS.12.SSEF1

Front

Which of the following best describes rational decision-making?

Back

Comparing marginal benefits and marginal costs before acting

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GA.SS.12.SSEF2

Front

Which economic system allows individuals the most freedom in making economic choices?

Back

Market economy

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GA.SS.12.SSEF3

Front

What is an example of a marginal cost?

Back

The cost of producing one additional unit

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GA.SS.12.SSEF2

Front

How does a command economy influence the choices of individuals and businesses?

Back

By having the government make most economic decisions

Tags

GA.SS.12.SSEF3

Front

How does scarcity affect government choices?

Back

A government must prioritize funding for healthcare over other services

Tags

GA.SS.12.SSEF2

Front

Which factor is most likely to improve the standard of living in a nation?

Back

Increased access to healthcare and education

Tags

GA.SS.12.SSEF4