Econ Unit 1

Econ Unit 1

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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17 questions

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1.

FLASHCARD QUESTION

Front

You bought two CDs with your last $30. What is the opportunity cost?

Back

the movie with your friends that you now cannot afford

2.

FLASHCARD QUESTION

Front

To improve its standard of living, a nation’s economy must

Back

grow through innovation.

3.

FLASHCARD QUESTION

Front

Why does the government protect inventors and authors by offering them patents and copyrights? Options: to encourage free trade, to promote innovation, to regulate the business cycle, to strengthen American culture

Back

to promote innovation

4.

FLASHCARD QUESTION

Front

Which of the following is physical capital? a college degree, a factory building, learning to sew, playing the violin

Back

a factory building

5.

FLASHCARD QUESTION

Front

Which group lists the key principles of the free enterprise system?

Back

profit motive, legal equality, private property, voluntary exchange

6.

FLASHCARD QUESTION

Front

A free market system has fewer _____ than a mixed economy does.

Back

business regulations

7.

FLASHCARD QUESTION

Front

Which would a company do to increase its human capital? Options: build a company cafeteria, hire more part-time workers, pay for employees’ education, lease cars for employees

Back

pay for employees’ education

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