Economics Unit 1

Economics Unit 1

KG - 12th Grade

20 Qs

quiz-placeholder

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Economics Unit 1

Economics Unit 1

Assessment

Quiz

Social Studies

KG - 12th Grade

Medium

Created by

Mark Austin

Used 103+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What type of economic system did Adam Smith support?

a free market system

mixed economic system

planned economic system

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A philosophy that calls for very little or no government involvement in the economy.

Industrial Capitalist

Economics

Supply and Demand

Laissez-Faire

3.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Adam Smith’s Wealth of Nations stressed the importance of

tradition

supply and demand

large corporations

government ownership

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital refers to...

The "gifts of nature" or natural resources not created by human effort.

people with all their efforts and abilities

the tools, equipment, and factories used in production of goods and services

individuals who start a new business or bring a product to market.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Labor refers to...

people with all their efforts and abilities

individuals who start a new business or bring a product to market.

the tools, equipment, and factories used in production of goods and services.

The "gifts of nature" or natural resources not created by human effort.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurs are...

people with all their efforts and abilities

individuals who start a new business or bring a product to market.

The "gifts of nature" or natural resources not created by human effort.

the tools, equipment, and factories used in production of goods and services

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A herd of cattle is an example of ...

Land

Labor

Entrepreneur

Capital

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