Econ Ch 1 Test

Econ Ch 1 Test

10th - 12th Grade

25 Qs

quiz-placeholder

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Econ Ch 1 Test

Econ Ch 1 Test

Assessment

Quiz

Social Studies

10th - 12th Grade

Medium

Used 36+ times

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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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