Economics Unit 1 Review

Economics Unit 1 Review

12th Grade

35 Qs

quiz-placeholder

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Economics Unit 1 Review

Economics Unit 1 Review

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Emily Skoniecke

Used 35+ times

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35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

desires that can be satisfied by consuming a good or service

wants

needs

scarcity

shortage

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

things, such as food, clothing, and shelter, that are necessary for survival

wants

needs

public goods

externalities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the problem caused by unlimited wants and limited resources

scarcity

opportunity cost

efficiency

economic freedom

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

person who buys goods and services for personal use

producer

consumer

entrepreneur

free rider

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

person who makes goods or provides services

producer

consumer

free rider

economic theorist

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the three economic questions that all societies must answer?

What will be produced?

How will it be produced?

For whom will it be produced?

How much will be produced?

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the four factors of production?

land

goods

capital

entrepreneurship

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