Econ Unit 1 Test: Intro to Economics

Quiz
•
Social Studies
•
12th Grade
•
Medium
Standards-aligned
Ricardo Higuera
Used 17+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is scarcity in economics?
The abundance of resources
The unlimited availability of goods
The limited availability of resources
The balance of supply and demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost is:
The actual cost of a good or service
The value of the next best alternative when a decision is made
The price a consumer is willing to pay for a product
The total cost of production
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False: Scarcity is a fundamental concept in economics because resources are limited while human desires are unlimited.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False: An increase in the price of a product will typically lead to an increase in the demand for that product.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity occurs due to
Limited resources
Unlimited needs
Abundance of resources
Equilibrium
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When demand is greater than supply, prices tend to
Rise
Fall
Remain constant
Fluctuate
7.
OPEN ENDED QUESTION
3 mins • 3 pts
Give an example of a situation where an individual or a company might face an opportunity cost.
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