Ch 1 Economic Decisions
Authored by Elizabeth Rudden
Social Studies, Business
10th - 12th Grade
Used 106+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Goods and services are only purchased by individuals, not businesses.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Nations have different economic resources, but they all have the same economic needs and wants.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A lack of competition will result in higher prices for goods and services.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As the price of a product increases...
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You have $25. You decided to go to the movies instead of buying a new shirt. The opportunity cost of your decision is...
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in the economic decision-making process?
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the last step in the economic decision-making process?
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