How Economic Decisions Are Made

How Economic Decisions Are Made

9th - 12th Grade

10 Qs

quiz-placeholder

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How Economic Decisions Are Made

How Economic Decisions Are Made

Assessment

Quiz

Professional Development, Business

9th - 12th Grade

Practice Problem

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity occurs when

There is an abundance of resources

peoples needs and wants are limited

peoples needs and wants are unlimited and resources are very limited

needs and wants are met

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic Decision Making is...

The process of choosing which needs and wants to satisfy

the process of not making the right choice

the process of solving problems

the process of getting everything you want

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Profit is...

The money spent on inventory

the money you charge customers

The total amount of Money made by a business

The difference between the revenues earned by a business and the costs of operating the business

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity Cost is...

the choice you make

The Value of the next-best-alternative.

the best choice

the worst chice

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the 4 main functions of business decides how things will be priced?

Marketing

Production

Management

Finance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the 4 functions of business ensures that a business is meeting its goals?

Finance

Marketing

Management

Production

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the 4 functions of business determines the amount of capital needed for a business?

Management

Finance

marketing

Production

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