Economic Concepts Quiz
Authored by veli haloho
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12th Grade
Used 2+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main cause of the economic problem?
Too many natural resources
Unlimited wants but limited resources
Limited human desires
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is scarcity?
Having more resources than needed
Lack of something people want or need
The abundance of goods and services
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a "need" rather than a "want"?
Designer shoes
Basic food and water
Luxury vacation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does scarcity force people to make choices?
Because people like comparing products
Because resources are unlimited
Because resources cannot satisfy all wants
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does every economic choice involve?
Free goods
Opportunity cost
Unlimited resources
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of opportunity cost?
The extra cost of production
The benefit of making a choice
The next best alternative forgone
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is an example of opportunity cost?
Paying for a new phone
Missing a concert because you chose to work
Buying discounted groceries
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