What is opportunity cost?
Foundations of Economics Quiz

Quiz
•
History
•
9th - 12th Grade
•
Easy

Sha’Mya Williams
Used 3+ times
FREE Resource
17 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It’s the value of the most important thing you give up when you make a decision
A model for understanding the trade offs an economy must make dedicating it’s scarce resources
Physical items that are created for selling
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are trade offs?
Increasing production efficiency without considering environmental impact
Decreasing taxes to stimulate consumer spending
Implementing a universal basic income to reduce poverty
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is scarcity?
An individual having limited time and money to allocate between various needs and wants
A society achieving perfect equality in the distribution of wealth
All resources are limited
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a margin
Making decisions based on total costs and total benefits.
Prioritizing the most significant costs or benefits when making economic choices.
What you gain by adding one unit of something
Considering only short-term consequences of a decision while ignoring long-term effects
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an incentive?
Taxation measures designed to encourage investment in certain industries.
Something that motivates a person to act in a certain way
Monetary rewards given to workers for achieving production targets.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a command economy?
A market structure in which a single firm dominates the entire industry.
An economic system in which government authorities make most production and allocation decisions.
An economic system where prices are determined by the forces of supply and demand.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a mixed economy?
A market structure where competition is restricted to only a few large firms.
An economic system where all factors of production are owned and controlled by the government.
A situation where prices are determined solely by the interaction of supply and demand forces.
An economic system characterized by both private and state ownership of businesses.
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