Economics -  Chapter 1

Economics - Chapter 1

9th - 12th Grade

20 Qs

quiz-placeholder

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Economics -  Chapter 1

Economics - Chapter 1

Assessment

Quiz

Business, Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Ahmed Badr

Used 356+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Our inability to satisfy all our wants is called ___________.

profit

scarcity

surplus

wages

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because we face scarcity, we must make _____________.

studies

money

profit

choices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A(n) __________________ is a reward that encourages an action or a penalty that discourages an action.

fine

FOPs

incentive

human capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The work time and work effort that people devote to producing goods and services is __________.

labor

land

capital

rent

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services are _____________.

land

capital

entrepreneurship

labor

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The human resource that organizes land, labor, and capital is _________________.

land

labor

capital

entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land earns ___________.

interest

rent

wages

profit

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