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Economics Test 1M

Authored by Erica Boyett

Social Studies

12th Grade

Used 2+ times

Economics Test 1M
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15 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Market where the factors of production are bought and sold

service

scarcity

trade-off

factor market

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A good that lasts for at least three years when used regularly

factor market

non-durable good

trade-off

durable good

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Productive resources that make up the four categories of land, capital, labor, and entrepreneurs

service

factors of production

economic growth

product market

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Something we would like to have but is not necessary for survival

want

good

service

economics

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

factors of production

capital

non-durable goods

paradox of value

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The risk-taking individual in search of profits

labor

factors of production

entrepreneur

human capital

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The fundamental economic problem of meeting people’s virtually unlimited wants with scarce resources

opportunity cost

human capital

scarcity

economics

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