Economics Chapter 1 Test

Economics Chapter 1 Test

12th Grade

•

32 Qs

quiz-placeholder

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Economics Chapter 1 Test

Economics Chapter 1 Test

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Medium

Created by

Stacy Lowe

Used 10+ times

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32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the factors of production involves taking risks and combining resources to produce a good or service?

Labor

Entrepreneurship

Land

Capital

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Consumers waiting in long lines for a new product is an example of:

Scarcity

Consumer Responsibilities

Consumer Rights

Consumerism

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When deciding how to use resources, you need to evaluate the costs and benefits of each choice to decide which meets your criteria. These are called:

Resource Frontiers

Priorities

Opportunities

Trade-offs

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Consumers are expected to read the full information about a product before making a purchase. This is an example of a consumer's:

Habits

Rights

Responsibilities

Opportunities

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Societies are faced with which 3 basic questions about production of goods?

What? Where? When?

When? Where? For Whom?

What? How? For Whom?

What? How? Why?

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

A nation's wealth is made up of:

All goods and services

All tangible items

All tangible and intangible items

All intangible items

7.

MULTIPLE SELECT QUESTION

20 sec • 1 pt

Which of the following helps determine something's value?

Scarcity

Beauty

Utility

Price

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