Economics Vocab Quiz 2/27/25

Economics Vocab Quiz 2/27/25

12th Grade

25 Qs

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Economics Vocab Quiz 2/27/25

Economics Vocab Quiz 2/27/25

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Anthony Angle

Used 28+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This type of unemployment could happen to you if you own a crass cutting business.

Cyclical

Structural

Seasonal

Frictional

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______ is an economic concept that refers to the value of the next best alternative that is forgone when a decision is made to allocate resources, time, or effort to a particular option.

Marginal Benefit

Fixed cost
Marginal utility

Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

CPI measures

Taxes

Marginal Cost

Marginal Analysis

Inflation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Marginal Cost?

Marginal cost is the cost of producing one additional unit of a product.
Marginal cost is the total cost of production for all units.
Marginal cost refers to the average cost of producing multiple units.
Marginal cost is the fixed cost incurred regardless of production level.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Marginal Benefit?

Marginal Benefit is the average benefit received from consuming multiple units of a good or service.
Marginal Benefit refers to the cost incurred from consuming one more unit of a good or service.
Marginal Benefit is the total benefit received from all units of a good or service.

Marginal Benefit is the additional benefit received from consuming one more unit of a good or service.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

INCENTIVE is defined as.......

A financial reward for completing tasks.
A random chance event that affects outcomes.
A motivating factor that encourages specific actions or behaviors.
A penalty for failing to meet expectations.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the 3 basic Economic Questions?

What to produce, How to produce, For whom

Where to produce, When to produce, Why to produce

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