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Chapter 1 Econ

Quiz by Julie

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20 questions
Show answers
  • Q1
    Any resources that are made by humans and used to create other goods and services are called.
  • Q2
    An example of a shortage is limited amounts of
    foods available because the truckers carrying it are on strike
    food 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.
  • Q3
    The resources used to make all goods and services are the
    production trade-offs
    factors of production
    opportunity cost
    production possibilities
  • Q4
    All of the following are types of decisions that can be made at the margin EXCEPT
    whether 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.
  • Q5
    The purpose of a production possibilities graph is to
    show 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.
  • Q6
    An efficient economy is one that
    makes 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.
  • Q7
    The law of increasing costs means that when an economy increases the production of one item
    the 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.
  • Q8
    The government of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is a
    global trade-off.
    guns or butter issue.
    basic economic decision.
    decision at the margin.
  • Q9
    The opportunity cost of a decision can be examined by using a
    global trade-off grid.
    production possibilities graph.
    graph of increasing costs.
    factors of production chart.
  • Q10
    Production possibilities frontiers curve when they are charted on a graph because they show
    the 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.
  • Q11
    Why 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.
  • Q12
    What 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.
  • Q13
    Which 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.
  • Q14
    What is a factory building an example of?
    human capital
    physical capital
  • Q15
    The 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 butter
    Global Trade-off
    Decision at the margin
    Production efficiency decision

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