Econ Unit 1 Test: Intro to Economics

Econ Unit 1 Test: Intro to Economics

12th Grade

20 Qs

quiz-placeholder

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Econ Unit 1 Test: Intro to Economics

Econ Unit 1 Test: Intro to Economics

Assessment

Quiz

Social Studies

12th Grade

Medium

DOK Level 1: Recall

Standards-aligned

Created by

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.

Evaluate responses using AI:

OFF

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