Economics F1

Economics F1

12th Grade

23 Qs

quiz-placeholder

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Economics F1

Economics F1

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Ozzie Harrell

Used 30+ times

FREE Resource

23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Economics is the study of........

how people seek to satisfy their needs by making choices

how people seek to satisfy their wants but not needs by making choices

how people seek to satisfy their wants by making choices

how people seek to satisfy their needs and wants by making choices

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which type of cost occurs when an individual pays for a driving lesson instead of going to a movie?

marginal cost

fixed cost

opportunity cost

residual cost

3.

MULTIPLE SELECT QUESTION

2 mins • 1 pt

The basic economic condition that exist when unlimited wants exceed limited productive resources is called

capital

scarcity

hyperinflation

opportunity cost

4.

MULTIPLE SELECT QUESTION

2 mins • 1 pt

Human-made materials used to produce goods and services.

capital

labor

land

entrepreneur

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An oil rig is what type productive resource?

Physical capital

human capital

natural resource

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What are land resources?

Factories, equipment, and machinery used for production

Soil, mineral deposits, forests and other raw materials

Money in banks used for business investment

Workers and managers who produce goods & services

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Who buys and uses goods and services

entrepreneur

producer

consumer

labor

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