Unit 1 - Economics Practice Quiz

Unit 1 - Economics Practice Quiz

10th Grade

20 Qs

quiz-placeholder

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Unit 1 - Economics Practice Quiz

Unit 1 - Economics Practice Quiz

Assessment

Quiz

Social Studies

10th Grade

Medium

Created by

Catherine Watson-Short

Used 8+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Economics is the study of...

how individuals make decisions

incentives and decision making.

how governments create policies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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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

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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

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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

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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

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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

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What does it mean to "Allocate" resources?

To use resources efficiently to meet people's wants and needs

To distribute resources equally among individuals

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