Fundamentals of Economics

Fundamentals of Economics

12th Grade

19 Qs

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Assessment

Quiz

Social Studies

12th Grade

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Created by

Abby Donald

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19 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

what are the factors of production?

Land, Labor, Capital, and Entreprenuer

Needs, Wants, and choices

workers, management, and entrepreneurs

human capital, physical capital, and financial capital

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is the most likely benefit that a business is likely to attain from purchasing new equipment?

Increased productivity

Better entrepreneurial knowledge

fewer natural resources required

lower costs

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why are entrepreneurs important to the economy?

they desire profits

They promote economic growth

they have talent and imagination

they are willing to take risks

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A sales clerk represents which factor of production?

Entrepreneur

Capital

Labor

Land

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Why is there scarcity even in an affluent country like the United States?

Entrepreneurs are scarce and companies need leaders.

Resources are limited but wants are unlimited.

Some people are poor while others are wealthy.

Wants are limited but needs are unlimited.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What are economists referring to when they say "choosing is refusing"?

Opportunity cost

"Guns or butter"

Marginal cost

Thinking at the margin

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Because of scarcity, every decision involves a

cost/benefit analysis.

trade-off.

marginal cost.

marginal benefit.

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