
Topic 1 Test Review

Quiz
•
Social Studies
•
12th Grade
•
Medium
Christopher Carrejo
Used 269+ times
FREE Resource
47 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ms. Jackson went out on black Friday hoping to score a new flat-screen tv at the local Walmart supercenter. She was sorely disappointed when she realized that she was the 100th person in line and Walmart only guaranteed to have 4 tv’s in stock. What basic concept does this illustrate?
scarcity
supply
demand
incentives
price
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ms. Lopes' Focus has finally bit the dust. Thus, she went down to Ronnie’s Auto Shop. She has narrowed her choices down to a Prius or a Volt but can only afford to buy one. She pulls out of the parking lot in a Volt. What is the opportunity cost of Ms. Lopes buying the Volt?
opportunity cost
choice
Volt
Prius
Price
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you decide to study an extra hour tonight, what would be the economic outcome?
The marginal cost of studying an extra hour exceeds its marginal benefit.
The marginal benefit of studying an extra hour exceeds its marginal cost.
Studying harder will always improve your test scores.
You will most likely get a lower than expected grade on your last exam.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Answer the question on the basis of the data given in the following production possibilities table. According to the data in the table, what is required as indicated by increasing production of capital goods?
The increase in sacrifices of consumer goods.
The decrease in sacrifices of consumer goods.
There are no sacrifices of consumer goods.
The constant sacrifices of consumer goods.
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