7 Principles of Economics

7 Principles of Economics

9th - 12th Grade

18 Qs

quiz-placeholder

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7 Principles of Economics

7 Principles of Economics

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Victoria Faculty

Used 66+ times

FREE Resource

18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Incentives are ______________

A set of external motivators that help people make choices.

Whatever you are giving up to do something.

The tension caused by infinite wants and finite resources.

The study of production, employment, prices, and policies on a nationwide scale

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____________ are all the alternatives we give up whenever we choose one course of action over another.
Opportunity Costs
Trade Offs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an INCENTIVE?

Wages for labor at a construction job sit

Passing a certification exam as a job requirement

Buying a candy bar during break

A college receiving monetary bonuses for a high graduation rate

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost can be defined as:

The amount of money you paid for something

The HIGHEST valued alternative that you give up for a good (the next best thing)

The cost of giving up everything to obtain a good

The LOWEST valued alternative that you give up for a good (the bad decisions)

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Economic decision to use one more additional unit of a resource

Thinking at the Margin

Incentives Matter

Trade Makes People Better Off

Future Consequences Count

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

I only have an hour of free time today. If I study, I can't see my friends.

Costs versus Benefits

Thinking at the margin

Incentives Matter

Future Consequences Count

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
I thought it was a good idea to get a dog. I didn't know it would drive my neighbors crazy.
Costs versus Benefits
Scarcity Forces Tradeoffs
Incentives Matter
Future Consequences Count

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