Economics Ch.1 Review

Economics Ch.1 Review

12th Grade

17 Qs

quiz-placeholder

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Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

David Baran

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are necessary to survive

Wants
Needs
Phones
Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The combination of vision, skills, and risk taking that is needed to create a business is called what?

Capital

Entrpreneurship

Labor

Land

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.

trade offs
scarcity
opportunity cost
incentive

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What are the 4 Factors of Production?

Land, capital, money, entrepreneurs

Land, capital, labor, entrepreneurship

Capital, money, supply, demand

Labor, capital, supply, demand

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What does point X represent on the PPC?

Efficiency
Unattainable / impossible
Inefficency
Nothing

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What does point B represent?

Production at greater than the country's minimum potential
Production is less than the country's minimum potential
Production is greater than the country's maximum potential
Production at the country's maximum potential

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a PPC?

Possible Production Curve
Production Possibilities Curve
Probable Projection Curve
Projected Possibilities Frontier

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