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Econ Quiz Chapters 1-5

Authored by Ryan O'Rourke

Social Studies

11th Grade

Used 1+ times

Econ Quiz Chapters 1-5
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

The condition of scarcity can be described as one that

afflicts only poor people and nations

exists when our unlimited needs/wants exceed our limited resources

exists when our limited resources exceed our unlimited needs/wants

only applies to luxury items

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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The 4 Factors of Production (FOP) are

rent for land, wages for labor, profit for capital, interest for entrepreneurship

land, labor, capital, entrepreneurship

land, labor, physical capital, financial capital

land, labor, resources, profits

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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The crops and animals on a farm are examples of which factor of production?

Land

Labor

Capital

Entrepreneurship

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which one of these definitions best describes 'Opportunity Cost'?

The cost of making one decision over another

The opportunity that will cost you loads of money

The cost for the opportunity to buy anything you want

5.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

A garbage truck driver is an example of which Factor of Production?

labor
land
entrepreneurship
capital

6.

MULTIPLE CHOICE QUESTION

2 mins • 5 pts

Media Image

Which factor of production would you consider a lawn mower?

Land
Labor
Capital
Entrepreneur

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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

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