Econ-1.1 Formative Assessment Option 2

Econ-1.1 Formative Assessment Option 2

11th Grade

15 Qs

quiz-placeholder

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Econ-1.1 Formative Assessment Option 2

Econ-1.1 Formative Assessment Option 2

Assessment

Interactive Video

Social Studies

11th Grade

Hard

Created by

Chris Schriever

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is considered the foundation of economic study?

Market equilibrium

Scarcity

Supply and demand

Consumer behavior

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What drives human behavior according to economic principles?

Social influences

Government policies

Making choices based on cost and benefits

Desire for wealth

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

How are goods different from services?

Goods are always more expensive than services

Services are tangible, while goods are not

Goods are tangible and observable; services are not tangible

Services can be stored for future use, but goods cannot

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is an example of a need?

Food

Video games

Designer clothing

Smartphones

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the primary difference between scarcity and shortage?

Shortage affects only luxury goods, while scarcity affects all goods

Scarcity is related to wants, while shortage is related to needs

Shortage can be solved by market dynamics, scarcity is a constant issue

Scarcity is temporary, while shortage is permanent

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What typically happens first to solve a shortage?

Decrease in product quality

The market price of the good increases

Increase in consumer demand

Government intervention

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Why was Taylor Swift's shirt considered scarce?

It was only available at her concerts

It was signed by Taylor Swift

It had a price tag attached

It was made of unique materials

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