Fundamental Economics Quiz 1

Fundamental Economics Quiz 1

9th - 12th Grade

20 Qs

quiz-placeholder

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Fundamental Economics Quiz 1

Fundamental Economics Quiz 1

Assessment

Quiz

Social Studies

9th - 12th Grade

Easy

Created by

Elizabeth DiNatale

Used 6+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In economics, the value of the next best alternative is called _________.

Scarcity

Productivity

Opportunity Cost

Supply and Demand

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of economics is primarily concerned with:

demonstrating that capitalistic economies are superior to socialistic economies. 
determining the most equitable distribution of society's output.
keeping private businesses from losing money.
choices/decisions that are made due to lack of resources

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental problem of every society?

labor costs
scarcity
economic interdependence
market fluctuation

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How do you satisfy your unlimited wants in a world of limited resources?

by making more money
by making choices
by stealing
by setting a budget

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A garbage truck driver is an example of which Factor of Production?

labor
land
entrepreneurship
capital

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Iron, minerals, coal and plants are examples of which productive resource?

land
labor
entrepreneurship
capital

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Physical Capital refers to...

The "gifts of nature" or natural resources not created by human effort.

people with all their efforts and abilities

the tools, equipment, and factories used in production of goods and services

individuals who start a new business or bring a product to market.

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