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Chapter 3 Economics Test

Authored by Ronnie Jonse

Social Studies

12th Grade

40 Questions

Used 21+ times

Chapter 3 Economics Test
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who answers the 3 basic economic questions in a free enterprise system?

Government

Individuals

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Voluntary exchange is beneficial to both parties involved.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the features of a free enterprise system?

private property

Economic incentives

competition

taxes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Calculate the profit/loss for the following:

Total Revenue = 400

Total costs= 322

$78 loss

$78 profit

$722 profit

$722 loss

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Calculate the total loss/profit:

Total Costs=$4,555

Total Revenue= $4,323

$232 loss

$232 profit

$8878 profit

$8878 loss

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Apple launches a new "smart sunglasses." For the first year they take heavy losses, what does that signal to other companies.

There is demand for smart sunglasses

Other companies should start to produce "smart sunglasses" to compete with Apple

Other companies should NOT produce "smart sunglasses"

All of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Calculate the total profit/loss using the information provided:

Quantity produced/sold: 10

Average Cost: $10

Total Cost:

Price $12

$20 loss

$20 profit

$100 profit

$100 loss

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