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Economics Quiz 1

Authored by Erik Villagomez

Social Studies

11th Grade

Used 11+ times

Economics Quiz 1
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Resources (a.k.a. the factors of production are)

Land and Labor
Land and Capital 
Entrepreneurship
Land, Labor, Capital and Entrepreneurship

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental problem of every society?

labor costs
scarcity
economic interdependence
market fluctuation

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The definition of Scarcity is...

An unlimited amount of resources to meet limited wants and needs
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events
a city where individuals commit themselves to unlimited wants and needs

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental problem of economics? 

How to keep consumers out of debt?
How to fulfill our unlimited wants and needs with limited resources?
How to figure out the way to make the most money?
How do we ensure all people get a college education?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

When resources are limited, it is referred to as

Economics
Scarcity
Surplus
Demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which characteristic of the United States Economy should result in better quality of goods and services at lower prices?

Competition
Profit
Limited government
Private property

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The United States is a __________ economy.

free market
mixed
traditional
command

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