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Practice Questions – Sections 1.1–1.6

Authored by SS DEPT.

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9th - 12th Grade

Used 2+ times

Practice Questions – Sections 1.1–1.6
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42 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem of economics?

Scarcity

Taxes

Supply

Money

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means:

Having more than enough of everything

Unlimited resources

Limited resources and unlimited wants

An economic system

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a need?

A luxury item

Something you must have to survive

Something you want

Something expensive

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do economists study?

Government rules

How people make choices about resources

War strategies

Science experiments

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes people to make trade-offs?

Inflation

Scarcity

Profit

Productivity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trade-off means:

A business deal

Choosing one thing and giving up another

A type of trade

Borrowing money

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is best defined as:

The cost of making a good

The next best thing you give up

The price of a product

The money you make from a sale

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