Econ Chapter 1

Econ Chapter 1

12th Grade

30 Qs

quiz-placeholder

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Econ Chapter 1

Econ Chapter 1

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Mathew Wilson

Used 7+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A prom dress is an example of a

Need

Want

Physical Capital

Human Capital

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is an example of a land resource

Water

Coal

Iron

All of the Above

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following would an entrepreneur do first when starting a new venture?

Borrow Money

Find the necessary land resources

Identify an unmet want

Compare prices of competing goods and services

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is NOT an example of factors of production

Natural Resources

Financial Resources

People who create goods and services

Acquired knowledge and skills

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is true about scarcity

Scarcity affects all societies

Scarcity exists only in poor countries

Scarce goods lead to lower prices

Scarcity of resources can be eliminated using sound economic policies

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

To save money, Taylor decided not to go to a concert where her favorite musician was performing. What was the opportunity cost of that decision?

Having fun at the concert

Spending time at home

Having time to study

Having extra money

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In the guns vs butter debate, what do ‘guns’ typically represent?

Social Welfare spending

Agricultural spending

Commercial spending

Defense spending

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