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Econ 12 practice quiz sept 25

Authored by David Waugh

Social Studies

12th Grade

Used 1+ times

Econ  12 practice quiz  sept 25
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30 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What basic problem in economics necessitates that people make decisions about how resources are allocated?

Scarcity
Opportunity Cost
Inflation
Surplus

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

How is allocation defined in the context of economics?

The process of distributing or giving out shares from a total amount
The total measure of a country's wealth over time
The legal framework governing trade policy
The motivation required for efficient labor

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which resource allocation method motivates destructive competition because a person's wealth is destroyed as people fight over it?

Rule of Force
First Come-First Serve
Markets
Government Decisions

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Under the Rule of Force allocation method, who acquires desirable products?

The meanest and strongest who simply take what they want
Those who wait the longest in line
Those who influence politicians with lobbying
Those with the most pleasant personalities

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which allocation method involves people competing by waiting in line, favoring those who wait the longest?

First Come-First Serve
Rule of Force
Markets
Personal Characteristics

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

A drawback of the First Come-First Serve allocation method is that it fails to motivate people to do what?

Work together to produce more of a valued product
Compete by being willing to pay the most
Organize labor using technology
Influence allocation through political donations

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Government distribution is typically justified as a way of making sure products go to whom?

Those who need or most deserve them
Those best able to compete in the market
Those who produce the maximum potential output
Those with the highest GDP Per Capita

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