Econ Test #1

Econ Test #1

11th - 12th Grade

•

27 Qs

quiz-placeholder

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Econ Test #1

Econ Test #1

Assessment

Quiz

•

Social Studies

•

11th - 12th Grade

•

Medium

•
Marginal Analysis, DOK 1

Standards-aligned

Created by

Caylie Caulfield

Used 4+ times

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27 questions

Show all answers

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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