
Chapter 1: Section 3 Quiz
Authored by Dante Guilliod
Social Studies
12th Grade
Used 2+ times

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12 questions
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1.
MULTIPLE CHOICE QUESTION
10 mins • 5 pts
What do we call it when a nations total output of goods and services increases over time?
Economic Growth
Economic Stagnation
Budgeting
Human Capital
2.
MULTIPLE CHOICE QUESTION
10 mins • 5 pts
What do we call the sums of a person's skills abilities, health, knowledge, and motivation.
Human Capital
Productivity
Entrepreneurship
Markets
3.
MULTIPLE CHOICE QUESTION
10 mins • 5 pts
Which of the factors of production involves taking risks and combining resources to produce a good or service?
Land
Labor
Capital
Entrepreneurs
4.
MULTIPLE CHOICE QUESTION
10 mins • 5 pts
What do economists call the thing that you give up when you make a choice. It is defined as "The value of the next best alternative".
Opportunity Cost
Economic Growth
Assumptions
Productivity
5.
MULTIPLE CHOICE QUESTION
10 mins • 5 pts
What is it called when two separate countries have to rely on each other to provide most of the goods and services we consume.
Economic Interdependence
Economic Growth
Division of Labor
Specialization
6.
MULTIPLE CHOICE QUESTION
10 mins • 5 pts
Which type of market is where households go to earn money (income) by selling their labor to businesses.
Factor Market
Product Market
7.
MULTIPLE CHOICE QUESTION
10 mins • 5 pts
What type of market is where households go to spend their wages (income) on goods and services sold by businesses.
Factor Market
Product Market
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