Economics is the study of how people
Final Exam Review- Chapters 1-5

Quiz
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Social Studies
•
12th Grade
•
Medium
Shailindar Singh
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41 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
choose from limited resources to meet their wants and needs.
govern a country.
gain knowledge and skills from studying.
calculate their income.
Answer explanation
Economics studies how people deal with the issue of scarcity.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
We all want more stuff than we have the resources to get. This concept is called
Specialization
Productivity
Profit
Scarcity
Answer explanation
Scarcity deals with the fact that there's a permanent lack of all the resources that people need to meet all their needs and wants.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who's the "Father of Economics"?
Friedrich Engels
Vladimir Lenin
Karl Marx
Adam Smith
Answer explanation
Adam Smith was a Scottish philosopher who wrote "The Wealth of Nations" and popularized economics around the American Revolution.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The more we have of something, the less satisfaction we get from it. This is called what?
Murphy's Law
Opportunity Cost
Microeconomics
The Law of Diminishing Marginal Utility
Answer explanation
Think of the sixth slice of pizza vs. the first.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a family decides to move to a different apartment, what type of economics is involved?
Macroeconomics
Microeconomics
Reaganomics
Nanoeconomoics
Answer explanation
This is a family's decision. Decisions for individuals, businesses, and families are microeconomic decisions.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the government decides what income tax rate to assign to wealthy Americans, what type of economics is involved?
Macroeconomics
Microeconomics
Nanoeconomics
Reaganomics
Answer explanation
Macroeconomics involves the decisions that affect everyone within a particular system.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When people make choices, they give up something. The thing they give up is called what?
Factor of Production
Resources
Opportunity Cost
Efficiency
Answer explanation
Opportunity cost is your second best option- the thing you give up when making a choice.
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