
Understanding Economics
Authored by Charles J Linderman
Social Studies
12th Grade
DOK Level 1: Recall covered
Used 42+ times

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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consider the following scene: A household works together to do chores like cutting wood and cooking meals. What economic concept does this illustrate?
Scarcity
Needs
Wants
Resource allocation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a good?
Haircut
MP3 player
Internet service
Education
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: A ______ is a physical thing you can hold, while a service is something that gets used up right after it is purchased.
Need
Want
Good
Resource
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: Economics is the study of how we satisfy our wants and needs with the ______ resources we have.
Abundant
Limited
Infinite
Surplus
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main question that comes to mind regarding funding in economics?
Why don't we fund them all?
How to increase taxes?
How to reduce spending?
How to improve efficiency?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: The government must decide how much money to spend on health care or what ______ should be placed on the internet.
Taxes
Controls
Investments
Regulations
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capital is anything that is used to produce other goods and services. True or False?
True
False
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