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Chapter 1 Quiz Review

Authored by Jenell Warren

Business

10th Grade

Used 3+ times

Chapter 1 Quiz Review
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tangible products you can purchase to meet your wants and needs are called goods.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A video game is an example of a product that fulfills a need.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competition forces businesses to search for new ways to satisfy customers' wants and needs.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Economists predict future changes in the economy.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt


The basic economic problem is

deciding what goods and services to produce

having unlimited wants and needs but limited economic resources.

identifying the goods and services available to you.

determining how to satisfy needs and wants.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Water, air, and minerals are examples of

capital resources

consumer resources

human resources

natural resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

In which economic system are resources owned and controlled by the people of the country?

mixed economy

command economy

market economy

traditional economy

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