Midterm Fall 2025

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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

Which of the following is a factor that can influence the standard of living in a country? Access to education, The color of the national flag, The number of sports teams, The length of the coastline

Back

Access to education

Tags

GA.SS.12.SSEF4

Front

Scarcity forces individuals, businesses, and governments to:

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Make choices about how to use limited resources

Tags

GA.SS.12.SSEF1

Front

Which of the following best describes rational decision-making? Options: Making choices based on emotions, Ignoring opportunity costs, Choosing randomly.

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

Which of the following is an example of a marginal cost? Options: The total cost of producing 100 units, The cost of producing one additional unit, The average cost per unit, The fixed cost of production

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The cost of producing one additional unit

Tags

GA.SS.12.SSEF2

Front

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

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By having the government make most economic decisions

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GA.SS.12.SSEF3

Front

Which of the following is an example of how scarcity affects government choices? A government increases taxes to fund multiple projects at once, A government must prioritize funding for healthcare over other services, A government prints more money to solve scarcity, A government ignores the needs of its citizens

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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? Options: Increased access to healthcare and education, Decreased production of goods, Higher unemployment rates, Reduced international trade

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Increased access to healthcare and education

Tags

GA.SS.12.SSEF4