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Economics Unit 1 Test Review

Authored by Jenna Mills

History

7th - 8th Grade

Used 3+ times

Economics Unit 1 Test Review
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32 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Factors of production (land, labor, capital, entrepreneur) are examples of _________. 

resources
stocks
opportunity cost
income

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of business organization has two or more owners who share risks and profits?

proprietorship
partnership
corporation
friendship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of business raises money by selling stock or shares of ownership?

nonprofit organization
partnership
proprietorship
corporation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of business organization has one owner who takes all the risks and all the profits?

partnership
corporation
proprietorship
dictatorship

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of business organization is authorized by law to act as a legal person regardless of the number of owners?

partnership
corporation
proprietorship
government

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are individuals and groups that buy and use goods and services called?

producers
consumers
entrepreneurs
investors

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the BEST definition of an entrepreneur?

person who purchases raw materials from businesses and sells them to the government
person who improves on an invention
person who invents a brand new product
person who takes a risk to produce and sell goods and services in search of profit

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