
Econ Test #1
Quiz
•
Social Studies
•
11th - 12th Grade
•
Medium
Standards-aligned
Caylie Caulfield
Used 4+ times
FREE Resource
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27 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following questions below is NOT a question that economists, businesses, and people must answer?
What goods and services will be produced?
How will the goods and services be produced?
Who are the goods and services for?
How much will be produced now and how much will be produced later?
When will the goods and services be made?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the factors of production?
risk and opportunity
land, labor, capital, and enterpreneurship
wages, salaries, and profit
goods and services
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic problem of economics?
Scarcity
Overproduction
Too many resources such as goods and services
Underconsumption of resources
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does opportunity cost mean?
The next best alternative foregone (lost)
The cost of exploring business opportunities
The cost of the item selected
The labour used in producing the product
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In what economic system does the government determine what to produce, how to produce it, and how to market it?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do you call the tools and equipment needed to create a good or service?
Human Ability
Capital Resources
Human Resources
Land Resources
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