
Econ Ch 1 Test
Social Studies
10th - 12th Grade
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is concerned with
production
distribution
consumption
all of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of how people use _______ resources to satisfy their wants.
money
marginal
scarce
costly
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is a social science so it uses empirical (observable) evidence to make hypotheses.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is not one of the 4 factors of production?
land
money
capital
labor
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost means
there is sometimes free lunches
you have to make choices in life
means you can't grow corn and soybeans
there are costs given up in every situation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Individuals and businesses do not think about
costs
benefits
incentives and disincentives
none of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Free trade, protected private property, and freedom to use capital (make investments) =
economics
capitalism
communism
Democratic party
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