Unit 1: 7 Principles Quiz

Unit 1: 7 Principles Quiz

12th Grade

52 Qs

quiz-placeholder

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Unit 1: 7 Principles Quiz

Unit 1: 7 Principles Quiz

Assessment

Quiz

Social Studies

12th Grade

Easy

Used 3+ times

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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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