ECON - Unit 1 Practice Test

ECON - Unit 1 Practice Test

12th Grade

20 Qs

quiz-placeholder

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ECON - Unit 1 Practice Test

ECON - Unit 1 Practice Test

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Coach Copeland

Used 314+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of a decision?

the series of alternative decisions that could have been made

the best possible way the question could have been decided

the different ways that a different person might have made the decision

the most desirable alternative given up for the decision

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What incentive motivates an entrepreneur or business owner to sell a product?

making profits on sales

putting others out of business

pleasing the consumer

popularity of the product

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All economic systems can be classified as a _____________ economy?

command

market

mixed

traditional

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the process of specialization do for an economy?

It eliminates unemployment.

It fosters competition.

It makes it more efficient.

It makes it easier to control.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The resources used to make all goods and services are the ___________________________.

production possibilities

factors of production

production trade-offs

opportunity costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a key economic question?

What goods and services should be produced?

How should these goods and services be produced?

Who consumes these goods and services?

How are goods and services to be paid for?

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Any resources that are made by humans and used to create other goods and services are called _____________.

services

production

capital

labor

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