Unit 1: 7 Principles Quiz
Quiz
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Social Studies
•
12th Grade
•
Easy
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52 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Economics the study of?
The study of financial markets
The study of the use of scarce resources that have alternative uses
The study of production of goods
The study of government policies
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two key components of definition in Economics?
Demand and supply
Scarcity and wealth
Scarcity and alternative uses
Scarcity and resource allocation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'Resource' refer to in Economics?
Any service provided by the government
Anything used to produce an economic good or service
A type of financial asset
A skilled labor force
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why must decisions be made relating to the use of scarce resources?
Because there is an overabundance of resources
Because resources do not have alternative uses
Because of scarcity, which forces choices about how resources are used
Because resources are unlimited
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Microeconomics focus on?
The behavior of entire economic systems
The decision making by individuals, households, and businesses
International trade and finance
Government fiscal and monetary policy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main focus of Macroeconomics?
The analysis of small economic units like a single consumer
The study of individual markets and industries
The workings of an economy as a whole
The decision making process within a single business entity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does scarcity refer to in economic terms?
The abundance of resources for everything we want to do
Not enough resources to do everything we would want to do
The equal distribution of resources
The overuse of resources leading to depletion
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