Scarcity/PPC Review

Scarcity/PPC Review

9th - 12th Grade

20 Qs

quiz-placeholder

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Scarcity/PPC Review

Scarcity/PPC Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Easy

Created by

Grant Plunkett

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factor of production is a tractor?

land

labor

capital

entrepreneurship

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the alternative you face if you decide to do one thing rather than another called?

tradeoff

opportunity cost

incentive

variable cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the degree to which resources are being used efficiently to produce goods and services called?

specialization

productivity

division of labor

consumption

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the gifts of nature that make production possible?

consumer goods

human capital

natural resources

input

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which would not be considered as capital by an economist?

a share of corporate stock issued by General Motors

an automobile used by General Electric

a crane used by a building contractor

a razor used by a barber

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which would not be classified by economists as land?

two thousand acres of virgin forest

a hydroelectric dam

crude oil reserves

iron ore deposits

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the individual that brings together the other economic resources necessary for production?

government units

entrepreneurs

corporate shareholders

the managerial elite

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