What is considered the foundation of economic study?
Econ-1.1 Formative Assessment Option 2

Interactive Video
•
Social Studies
•
11th Grade
•
Hard
Chris Schriever
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
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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