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Economics: Unit 1 Review

Authored by Creed Campbell

Other

9th - 12th Grade

Used 18+ times

Economics: Unit 1 Review
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49 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Factors of production include which of the following?

Land, labor, capital, entrepreneurship
technology products
goods and services
all of the products produced in an economy

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The fundamental problem of economics is ... 

equitable system of taxation
Establish a framework for provision of goods and services
the scarcity of the factors of production relative to the unlimited human wants
Equitable distribution of income equality 

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The value of the next best alternative that has to be given up for the action that is chosen is the ...

factors of production
trade off
opportunity cost
productivity

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is an example of investment in human captial?

a company builds a new factory
a state puts in a new highway
a business trains a new employee
a country builds new bridges

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a capitalist system, most property is ...

private property
owned by the government
regulated by the government
owned by banks

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What to produce, how to produce, and for whom to produce are three economic questions associated with ... 

Market
Command
Mixed
All economies

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Almost all economic systems today are 

traditional economies
command economies
pure free market economies
mixed economies

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