Economics Final

Economics Final

KG - University

50 Qs

quiz-placeholder

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Economics Final

Economics Final

Assessment

Quiz

Other

KG - University

Medium

Created by

Seth Watts

Used 150+ times

FREE Resource

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is Economics?

The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
Employment, gross domestic product, inflation, economic growth, and the distribution of income
Deals with behavior and decision making by small units, such as individuals and firms
A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is Scarcity?

Giving something up to have something else
Extra cost of producing one additional unit of production
The condition that results from society not having enough resources to produce all the things people would like to have
A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the 4 Factors of Production?

Land, capital, money, entrepreneurs
Land, capital, labor, entrepreneurs
Capital, money, supply, demand
Labor, capital, supply, demand

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What would be considered Land?

Anything from the earth
The space we occupy
Natural resources
All of the above

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How would you describe Capital?

The natural resources used in the production of goods
The tools, machinery, and factories used in the production of goods
Just the tools used to make goods
The location of the main body of government of a society.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Labor?

People with all of the efforts, abilities, and skills
The people who are for hire for work
People with all of the workmanship, skills, and work
The act of performing work at any given time

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An Entrepreneur is ...

A risk taker in search of profits who's initial investment must be returned
A investor in search of profits who does something new with existing resources
A investor in search of profits who's initial investment must be returned
A risk taker in search of profits who does something new with existing resources

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