Econ Quiz 1 Foundations

Econ Quiz 1 Foundations

12th Grade

17 Qs

quiz-placeholder

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Econ Quiz 1 Foundations

Econ Quiz 1 Foundations

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Ryan Townsend

Used 2+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is all about

money

banking

decision making

the stock market

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There is no such thing as Free Lunch.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the USA who determines what goods and services are produced/offered?

Government

Producers

Consumers

Producers and Consumers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The resources used in the production of goods and services are limited, therefor, society must

Try to obtain additional resources

Reduce their use of resources

Make choices about how to use resources

Produce more products and less services

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the factors of production?

Land and Labor

Land, labor, capital & entrepreneurship

Money and Labor

Money and Government and Labor

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem of every society?

labor costs
scarcity
economic interdependence
market fluctuation

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

True or False: Everything that is scarce requires a choice, and these choices always involve a tradeoff.

True
False

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