Economics is the study of...
Unit 1 - Economics Practice Quiz

Quiz
•
Social Studies
•
10th Grade
•
Medium
Catherine Watson-Short
Used 8+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
how individuals make decisions
incentives and decision making.
how governments create policies
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are "Incentives"?
Positive or negative consequences that can influence decision making.
The costs of producing goods and services
The resources available to individuals and businesses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "Rationality" mean in the context of economics?
Making decisions based on emotions and personal beliefs
Making decisions based on logical reasoning and self-interest
Making decisions based on social norms and cultural values
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "Irrationality" mean in the context of economics?
Making decisions based on logical reasoning and self-interest
Making decisions based on emotions and personal beliefs
Making decisions based on social norms and cultural values
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of "Expected Value"?
The total value of all goods and services produced in a country in a given year
The ability to produce a greater quantity of a good or service with the same amount of resources
The value of the Potential Reward x Probability of Success.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean for a resource to be "Scarce"?
There is an unlimited supply of the resource
The resource is in limited supply relative to its demand
The resource is available in abundance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean to "Allocate" resources?
To use resources efficiently to meet people's wants and needs
To distribute resources equally among individuals
To save resources for future use
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