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Introduction to Economics

Authored by Christopher Denton

Social Studies

12th Grade

Used 1+ times

Introduction to Economics
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how people make choices about ways to use _______________ resources to fulfill their unlimited wants and needs.

Limited

Natural

unlimited

man-made

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four factors of production?

Land, Technology, Dirt, Resources

Land, Labor, Capital, Entrepreneurship

Resources used in the production of only services

Land, Labor, Entrepreneurship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The factor of production that includes natural resources is known as:

land

capital

labor

Entrepreneurship

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The central problem in economics is:

Government

Business

Opportunity Cost

Scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A teacher gives extra credit if a student completes a test study guide... This is an example of ?

Voluntary Exchange

Freedom of Choice

Positive Incentives

Negative Incentives

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The limited availability of resources is known as...

Scarcity

Profit

Voluntary Exchange

Opportunity Cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Point A inside this Production Possibilities Curve represents:

Resources are being inefficiently used

Production is not attainable

Production is possible if there is an increase in resources

Production possibilities are going to decrease

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