Fundamentals Test Review
Authored by Elizabeth Aldridge
Social Studies
12th Grade
Used 57+ times
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30 questions
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1.
MATCH QUESTION
30 sec • 1 pt
Entrepreneur
Labor
Land
Captial Goods
2.
MULTIPLE CHOICE QUESTION
0 sec • 1 pt
Scarcity is defined as a limited supply of resources and...
limited wants for those resources
unlimited resources
limited resources
unlimited wants for available resources
3.
MULTIPLE SELECT QUESTION
0 sec • 1 pt
Which of the following are the reasons for a potential economic growth to occur?
Quality of education improved
Better technology used
Household's income level increase
Discovery of new resources
4.
MULTIPLE CHOICE QUESTION
0 sec • 1 pt
What type of economy involves a powerful government which owns all the "means of production" and makes all decisions regarding society's resources.
Traditional Economy
Market Economy
Command Economy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When two people engage in trade, both sides will benefit if the trade meets which requirements?
voluntary, non-fraudulent, and better off after the trade
non-voluntary and fraudulent
free and international
rational and marginal
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An individual's knowledge or skills that make production of a good/service more efficient
7.
MULTIPLE CHOICE QUESTION
0 sec • 1 pt
_____ is a measure of how efficiently resources are used to create products.
standard of living
productivity
competition
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