Chapter 1 Econ
Quiz by Julie
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20 questions
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- Q1Any resources that are made by humans and used to create other goods and services are called.productionlaborservicescapital30s
- Q2An example of a shortage is limited amounts offoods available because the truckers carrying it are on strikefood available because few people want to buy it.water available for irrigating a crop because it is used for other crops.labor available because the workers have other jobs.30s
- Q3The resources used to make all goods and services are theproduction trade-offsfactors of productionopportunity costproduction possibilities30s
- Q4All of the following are types of decisions that can be made at the margin EXCEPTwhether or not to hire 100 new workers.whether to leave early in the morning or late in the day for a trip.whether or not to go on vacation.whether to grow beans or corn on a large farm.30s
- Q5The purpose of a production possibilities graph is toshow alternative ways to use an economy's resources.make it possible to increase an economy's output.enable a country to mobilize to win a war.keep an economy from having nonproductive workers.30s
- Q6An efficient economy is one thatmakes the best use of all its goods and services.makes the least costly use of its resources.has very few people who do not work for a living.uses its resources to make the most goods and services.30s
- Q7The law of increasing costs means that when an economy increases the production of one itemthe actual cost of making the item goes down.the opportunity cost increases.the actual cost goes up but the opportunity cost goes down.the production costs will increase.30s
- Q8The government of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is aglobal trade-off.guns or butter issue.basic economic decision.decision at the margin.30s
- Q9The opportunity cost of a decision can be examined by using aglobal trade-off grid.production possibilities graph.graph of increasing costs.factors of production chart.30s
- Q10Production possibilities frontiers curve when they are charted on a graph because they showthe technological level of the economy's productivity.the increasing costs resulting in increasingly less output.the underutilization of resources.the maximum output of goods and services.30s
- Q11Why are all goods and services scarce?Some goods cost more than others.Some things are needs and others are wants.All resources are scarce.Some people want to have more goods than others.30s
- Q12What is the opportunity cost of a decision?The series of alternative decisions that could have been made.The best possible way the question could have been decided.The most desirable alternative given up for the decision.The different ways that a different person might have made the decision.30s
- Q13Which of the following is the kind of decision that can be made at the margin?Whether or not to go on a vacation.Whether or not to hire new workers.Whether to have a dog or a cat.Whether or not to build an extra room on a house.30s
- Q14What is a factory building an example of?human capitaltechnologylandphysical capital30s
- Q15The government of a country must make a decision between spending money on a hospital or spending the same amount on border security. What kind of decision is this?Guns or butterGlobal Trade-offDecision at the marginProduction efficiency decision30s