
Economics Final
Authored by Rebecca Oney
Social Studies
12th Grade
Used 30+ times

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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What word describes the basic economic problem of unlimited wants wants verses limited resources?
capital
entrepreneur
scarcity
utility
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic economic question?
what, how, and for whom to produce
what, when, and why to supply
what, how, and why to purchase
what, when, and for whom to tax
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the cost of the next best alternative use of your time and money?
fixed cost
opportunity cost
variable cost
marginal cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the four factors of production?
labor, government, capital, entrepreneurship
land, labor, capital, entrepreneurship
language, land, capital, firms
land, labor, capital, government
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an economic system?
traditional
command
market
commercial
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which economic system do government officials make the basic economic decisions?
traditional
command
market
capitalism
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What kind of economic system is American capitalism?
traditional
command
market
communist
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