Economics Unit 1 Review: Fundamentals of Economics

Economics Unit 1 Review: Fundamentals of Economics

12th Grade

22 Qs

quiz-placeholder

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Economics Unit 1 Review: Fundamentals of Economics

Economics Unit 1 Review: Fundamentals of Economics

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Brittany Claypool

Used 25+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Where is a point located on a production possibilities curve if the economic system is experiencing inefficiency?
Inside of the curve
Outside of the curve
On the curve

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a basic economic question?
FOR WHOM to produce
WHAT to produce
WHEN to produce
HOW to produce

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are used to produce something for a profit?
Machines
Money
Factors of production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is television set for sale at the electronics store an example of a CAPITAL or a CONSUMER good?
CAPITAL
CONSUMER

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Habits, customs, and traditions answer the three economic questions in which type of economy?
Command
Traditional
Market
Mixed

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Businesses sell goods and services in the...
Product markets
Factor markets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the government in a command economy?
To make sure everyone gets everything they need
To encourage entrepreneuers
To make the major economic decisions
To promote economic freedom

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