Econ Unit 1 Review

Econ Unit 1 Review

9th - 12th Grade

36 Qs

quiz-placeholder

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Econ Unit 1 Review

Econ Unit 1 Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Easy

Created by

Mackenzie Biediger

Used 13+ times

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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how people make choices about ways to use _______________ resources to fulfill their unlimited wants and needs.

Limited

Unlimited

Natural

Man-made

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the factors of production?

Land, Technology, Dirt, Resources

Land, Labor, Capital, Entrepreneurship

Land, Labor, Entrepreneurship

Resources used in the production of only services

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The central problem in economics is:

Government

Busineseses

Scarcity

Opportunity Cost

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The limited availability of resources is known as...

Scarcity

Voluntary Exchange

Profit

Opportunity Cost

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

Comparative Advantage

Equilibrium Point

Income Effect

Opportunity Cost

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

There are 4 _______________. They are land, labour, capital and entrepreneurship.

Factors of Production 
Market Economy 
Profit 
Economics 

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys, concert tickets, etc.

Demand
Needs
Wants
Presents

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