Lesson 2 Economic Decision Making
Quiz
•
Social Studies
•
9th Grade
•
Easy
Julie Capps
Used 4+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Why can't we always get what we want? Fill in the blank: Our wants always exceed our _________?
resources
needs
desires
abilities
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Why do economists consider goods like cell phones to be scarce?
Because not everyone wants them
Because the materials and labor needed to build them are limited
Because they are free for everyone
Because they are always available
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the difference between a shortage and scarcity?
A shortage is temporary and occurs when the quantity of something desired is less than what is available at the current price, while scarcity is a permanent condition where resources are always limited.
A shortage is a permanent condition, while scarcity is only temporary.
Scarcity refers to a surplus of resources, while shortage means there is too much supply.
A shortage means resources are unlimited, while scarcity means prices are always high.
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What are inputs in the production process?
The goods and services produced
The resources that go into the production process
The willingness to take risks
The equation for production
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Fill in the blank: The production equation in its simplest form is ______ + labor + capital = goods and services.
land
money
technology
energy
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following is NOT considered a land resource?
Air
Solar energy
Furniture
Water
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Entrepreneurship is best described as:
The process of combining resources to produce goods
The willingness to take risks involved in starting a business
The goods and services produced
The natural resources used in production
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