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Unit 1 Test Review- Fundamentals

Authored by Krystle Walls

Social Studies

12th Grade

Used 2+ times

Unit 1 Test Review- Fundamentals
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19 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which factor of production would lumber represent?

outward, to the right
Capital (physical capital)
negative incentive
Land (natural resource)

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which factor of production would an oven represent?

government (also called central planners)
Capital (physical capital)
loss of productive resources or breakdown in technology
mixed economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is another term for a "land" resource?

Natural Resource
profit
Capital Resource
economic growth; increase in resources and technology

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In this type of decision, the marginal benefits exceed the marginal costs

Rational Decision
mixed economy
soft skills
Capital (physical capital)

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Unlimited wants and limited resources- the basic economic problem

Scarcity
supply and demand
Capital (physical capital)
Natural Resource

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

an incentive that either increases costs, enforces penalties, or reduces benefits, resulting in a decrease in the activi

first come, first served
supply and demand
negative incentive
profit

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

allocates resources to those who are first in line

outward, to the right
first come, first served
human capital
Capital Resource

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