Introduction to Economics

Introduction to Economics

12th Grade

20 Qs

quiz-placeholder

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Introduction to Economics

Introduction to Economics

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Erica Braden

Used 605+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Economics is the study of how people make choices about ways to use _______________ resources to fulfill their unlimited wants and needs.

Limited

Unlimited

Natural

Man-made

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What are the factors of production?

Land, Technology, Dirt, Resources

Land, Labor, Capital, Entrepreneurship

Land, Labor, Entrepreneurship

Resources used in the production of only services

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The factor of production that includes natural resources is known as:

Land

Labor

Capital

Entrepreneurship

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The central problem in economics is:

Government

Busineseses

Scarcity

Opportunity Cost

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A teacher gives extra credit if a student completes a test study guide... This is an example of ?

Voluntary Exchange

Freedom of Choice

Positive Incentives

Negative Incentives

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which goal of national economies looks to maximize the benefit of resources while preventing waste?

Economic Freedom

Economic Equity

Economic Efficiency

Economic Growth

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The limited availability of resources is known as...

Scarcity

Voluntary Exchange

Profit

Opportunity Cost

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