Air, Water, Food, Shelter, Sleep
These are all examples of
EPF Cycle 1 - Basic Economics
Quiz
•
History
•
10th - 12th Grade
•
Medium
Carrie Annette Johnson
Used 31+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Air, Water, Food, Shelter, Sleep
These are all examples of
capital.
wants.
needs.
natural resources.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers have unlimited wants, but their ability to satisfy these wants is
painful.
limited.
inflated.
protected.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A student would like to attend a football game Friday night but has been asked to work an extra shift as a bus boy. He is working to save money for college. Giving up the ball game is an example of
scarcity.
opportunity cost.
value-added decisions.
trade off.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which list contains the four factors of production?
Labor, capital, productivity, and renewable resources
Land, labor, capital, and entrepreneurial skills
Land, labor, credit, and entrepreneurial skills
Labor, capital, economics, and natural resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A farmer's tractor is an example of which factor of production?
Land/Resources
Labor
Management/Entrepreneurial Skills
Capital/Capital Goods
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Joe is starting a cleaning service. He has an office space, cleaning materials, and money to pay his initial costs. Which factor of production is he missing?
Land
Labor
Capital
Entrepreneurship
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The "invisible hand" is a major factor in which economic system?
Command Economy
Market Economy
Socialist Economy
Traditional Economy
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