Fundamentals of Economics Test

Fundamentals of Economics Test

12th Grade

25 Qs

quiz-placeholder

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Fundamentals of Economics Test

Fundamentals of Economics Test

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Chris Williams

Used 74+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The condition in which there aren't enough resources available to produce everything that individuals need is__

opportunity cost

scarcity

circular flow model

choice

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The value of goods and services that are given up in order to obtain an alternative good or service is__

scarcity

circular flow model

choice

opportunity cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

____ is the study of how individuals, businesses and governments make choices about what to produce and what to consume.

History

Government

Economics

Sociology

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

____ and ____ are the basic economic problems faced by every society.

scarcity, choice

freedom, oppression

peace, unrest

All are correct

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which of the following is an economic question that societies attempt to answer?

For whom to produce?

How to produce?

What to produce?

All are correct

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The 4 factors of production are__

education, finance, peers, family

agriculture, manufacturing, livestock, machinery

money, machines, animals, farming

land, labor, capital, entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The visual represents which of the following?

circular flow model

production possibilities curve

all are correct

demand chart

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