Foundations of Economics

Foundations of Economics

12th Grade

20 Qs

quiz-placeholder

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Foundations of Economics

Foundations of Economics

Assessment

Quiz

Other

12th Grade

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the four factors of production is matched incorrectly with the incomes earned from each?

Labor - Tools

Land - Rent

Capital - Interest

Entrepreneurship - Profit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity can be defined as

the principle that limited amounts of goods and services are available to meet unlimited wants

the loss of the next best use of resources

the use of fewer resources than the economy is capable of using

lowest legal price tan can be charged for a product

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the basic economic questions all economic systems must answer when dealing with scarcity?

unlimited wants vs limited resources

underutilization

supply and demand

opportunity costs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity costs can be defined as

the principle that limited amounts of goods and services are available to meet unlimited wants

the loss of the next best use of resources

the use of fewer resources than the economy is capable of using

lowest legal price tan can be charged for a product

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economic model demonstrates opportunity costs decisions?

Production Possibilities Curve

Production Possibilities Schedule

Opportunity Costs Curve

Opportunity Costs Schedule

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Underutilization can be defined as

the principle that limited amounts of goods and services are available to meet unlimited wants

the loss of the next best use of resources

the use of fewer resources than the economy is capable of using

lowest legal price tan can be charged for a product

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following cause the Production Possibilities Curve to be pushed outward except

new technology

additional resources

international trade

increased work ethic

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