
Econ Unit 3 Re-Test: Microeconomics (Mid-Term)
Authored by Christian Mulkey
Social Studies
12th Grade
Used 1+ times

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land, labor, capital, and entrepreneurship are...
factors of production.
the basis of employment.
the results of production.
results of supply and demand.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the most desirable alternative given up as the result of a decision called?
Opportunity Cost
Voluntary Exchange
Marginal Cost
Positive Incentives
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the type of economic system where the government has no oversight, and the buyers and sellers have control over prices?
Market Economy
Command Economy
Mixed Economy
Traditional Economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the limited nature of society's resources called?
Scarcity
Specialization
Natural Resources
Inputs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person's gender, marital status, and age all have an impact on the cost of which of the following?
Car insurance
Car
Home
Wal-Mart Groceries
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Low income individuals are impacted the most by which of the following?
Sales Tax
Income Tax
Property Tax
Inheritance Tax
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Routinly checking your credit history from a reporting agency will inform you early about what?
Identity Theft
Tax Evasion
Property Tax Increase
Insurance Increase
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