
Econ Unit 1 FA Dummy 2, 2025-26
Authored by Adam Berkowicz
Social Studies
9th - 12th Grade

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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A country can produce either computers or wheat. A new report shows that producing more computers means producing less wheat. This trade-off is best represented using a:
Supply and demand graph
Production Possibilities Curve
Business cycle diagram
Equilibrium price chart
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A policymaker is examining how reallocating military spending to education would affect national production. Which model would be most useful in evaluating the efficiency of that trade-off?
The Phillips Curve
The Production Possibilities Curve
The Lorenz Curve
The GDP deflator
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A study finds that shifting resources from one good to another results in increasing opportunity costs. This relationship is shown on a bowed-out:
Market demand curve
Production Possibilities Curve
Supply elasticity curve
Trade surplus chart
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A manager compares the trade-offs between producing energy drinks or bottled water with current factory capacity. Which economic model would help in making this production decision?
Total cost function
Production Possibilities Curve
Income-expenditure model
Utility maximization graph
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A student compares two economies—one specializing in steel and the other in cars—and examines how each economy balances between the two goods. The most appropriate model for this analysis is the:
Circular flow diagram
Consumption function
Production Possibilities Curve
Price index model
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term refers to when an individual can produce a good at a lower opportunity cost than someone else?
Absolute Advantage
Marginal Utility
Comparative Advantage
Specialization
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ability to produce a good or service at a lower opportunity cost than another person or nation is known as:
Opportunity Cost
Comparative Advantage
Economies of Scale
Market Equilibrium
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