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Econ Chapter 1 Review

Authored by Mathew Wilson

Social Studies

12th Grade

Used 5+ times

Econ Chapter 1 Review
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21 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics use the word utility to describe the satisfaction one receives from a good

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A rationing device is a method used to resolve who gets what of available goods and resources

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to Economists, one of the four broad categories of resources is Money

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economists sometimes refer to the LAND category as Natural Resources

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The slope of a nonlinear curve varies from one point to another point

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurship is...

the talent for organizing the use of land, labor and capital, among other things

skill in influencing government regulators and legislators

accumulated technical knowledge in using labor and capital

knowledge of the particular natural resources to be found in a given area

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The physical and mental talents people bring to production processes comprise the resource called

Entrepreneurship

Natural Resources

Capital

Labor

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