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Chapter 1 Economics

Authored by Jonathan Getting

Social Studies

9th - 12th Grade

Used 163+ times

Chapter 1 Economics
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24 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following are factors of production?

economics & business decisions

technology & productivity

scarcity & shortage

capital & land

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The principle that limited amounts of goods and services are available to meet unlimited wants.

scarcity

shortage

factors of production

incentives

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The two types of capital

Physical & Land

Labor & Land

Human & Labor

Physical & Human

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity cost

the next best alternative

money you owe for your decision

what you gain for your decision

lost money

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An economy that is producing the maximum amounts of goods & services is called

underutilized

efficient

growing

trading off

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A factory is an example of which factor of production?

Land

Labor

Physical Capital

Human Capital

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Another term for a business

Firm

Household

Labor

Land

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