Scarcity is best defined as
Economics Final Exam Quiz

Quiz
•
Social Studies
•
12th Grade
•
Easy
Mathon Culpepper
Used 5+ times
FREE Resource
44 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The cost of the next best decision regarding limitations of time and money
The fact that people have limited wants but unlimited resources
The fact that people have unlimited wants but limited resources
The opportunity cost of deciding between one tradeoff versus another
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics may best be defined as a
Scientific study of supply and demand
Study of choices that are made with respect to a limited description of economic activities
Study of choices people make in light of their desire for unlimited wants but the reality of limited resources
Branch of sociology that examines the choice making process in light of supply and demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the best definition of a need?
The paradox of value
A synonym for a want
The tradeoff construed when measuring opportunity cost
A fundamental necessity for life
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One example of an entrepreneur is
A writer who is hired by a film studio to adapt a novel into a screenplay
A lawyer in a high profile law firm that specializes in business law
An Olympic ice skater who later decides to join a professional ice show
A computer engineer that starts their own social media company
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the opportunity cost of a decision?
The total cost of all the alternative decisions that could have been made
The best possible way the question could have been decided
The available, alternative ways that a person might have used their time
The most desirable/ valued alternative forgone (given up) in light of the decision made
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The fundamental problem facing all people is scarcity, which is defined as
Unlimited needs, but limited wants
Unlimited wants, but limited needs in order to satisfy those wants
Unlimited wants, but limited resources to satisfy those wants
The science of decision-making
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following are goods EXCEPT
iPad
television program
desk
shoes
Create a free account and access millions of resources
Similar Resources on Quizizz
43 questions
Ch 1 What is Economics

Quiz
•
9th - 12th Grade
41 questions
Econ Unit 1 FA Dummy 1, 2025,26

Quiz
•
9th - 12th Grade
45 questions
Economics Final Exam

Quiz
•
12th Grade
46 questions
AP Macro Unit 1 Review

Quiz
•
9th Grade - University
40 questions
AP Unit III Micro Review

Quiz
•
9th - 12th Grade
42 questions
Unit IV AP Microeconomics

Quiz
•
12th Grade
40 questions
Econ 1 Question Bank

Quiz
•
12th Grade
39 questions
Labor Markets

Quiz
•
12th Grade
Popular Resources on Quizizz
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade