The American Economy Quiz

The American Economy Quiz

10th Grade

10 Qs

quiz-placeholder

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The American Economy Quiz

The American Economy Quiz

Assessment

Quiz

Social Studies

10th Grade

Hard

Created by

Travis Seay

Used 11+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Machines, buildings, and tools used to make other goods and services are ____________ goods.

consumer

capital

factor

manufactured

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total value of all the final goods and services produced in a country in one year is its ________

income

VAT

GDP

resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers earn their income in ____________ markets where productive resources are bought and sold.

factor

product

resource

consumer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The _____________ between sellers keeps the cost of production low and quality of goods high.

profit motive

interdependence

exchange

competition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The four factors of production are natural resources, labor, capital and

entrepreneurs

services

goods

specialization

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A nation's standard of living is a measure of not only the quantity of its products, but also

the value of its resources

of its people

the quality of its goods and services

of how the products are produced

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The four sectors, business, consumer, government, and foreign are all part of

the GDP

the factors of production

the circular flow of economic activity

a nation's standard of living

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