Chapter 1 Review

Chapter 1 Review

12th Grade

15 Qs

quiz-placeholder

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Chapter 1 Review

Chapter 1 Review

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Shailindar Singh

Used 66+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economics looks at small units like individuals, families, and businesses?

Macroeconomics

Nanoeconomics

Microeconomics

Bruce's Ecconomics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Making a decision by weighing the pros and cons is called

deductive method

flip a coin

economic impact analysis

cost benefit analysis

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The father of economics is

Karl Marx

Milton Friedman

Adam Smith

George Washington

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a family decides to buy a used car they are using what type of economics?

Macroeconomics

Microeconomics

Principal's Law

Nanoeconomics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The term for having limited resources to meet unlimited wants and needs is

Productivity

Specialization

Scarcity

Profit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how people

Gain knowledge and skills from studying

Choose from limited resources to meet their wants

Respond to war and drought

Calculate their income

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a capital resource?

Power Drill

Iron Ore

Manager

Consumer

Answer explanation

Capital resources are the things we need to produce goods or provide services.

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