Economics Pre Assessment

Economics Pre Assessment

11th - 12th Grade

22 Qs

quiz-placeholder

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Economics Pre Assessment

Economics Pre Assessment

Assessment

Quiz

Other

11th - 12th Grade

Hard

Created by

brandi b

Used 19+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

All societies must answer three questions:

WHAT to produce, HOW to produce it, and FOR WHOM it is to be produced?

WHAT to produce, HOW to produce it, and WHEN to produce it?

WHAT to produce, HOW to produce it, and WHY to produce it?

WHAT to produce, HOW to produce it, and WHO produces it?

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Economics is the study of:

business

finance

international trade

choice

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following descriptions best explains the meaning of opportunity cost?

the initial cost of starting a new business

the cost of business failure

the cost of choosing one alternative over another

the risk associated with a new product failing

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The four factors of production are:

land, capital, labor, and resources

land. labor, entrepreneurs, and consumers

tools, machinery, factories, and costs

land. labor, capital, and entrepreneurs

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A point inside the production possibilities curve represents:

An efficient use of resources

Future output

An inefficient use of resources

An impossibility given current resources

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following would result in a change in the production possibilities curve in a mythical country Alpha?

an influx of immigrants from other countries

the discovery of an abundant natural resource

a long draught

all of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the product market of the circular flow model:

firms buy finished products from households

consumers buy factors of production from firms

firms sell factors of production to the government

consumers buy finished products from firms

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