ECON1.QuizNumberOne

ECON1.QuizNumberOne

12th Grade

20 Qs

quiz-placeholder

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ECON1.QuizNumberOne

ECON1.QuizNumberOne

Assessment

Quiz

Other

12th Grade

Practice Problem

Hard

Created by

ROS MARZAN

Used 4+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which principle gives rise to the concepts of trade-offs and opportunity costs?

Abundance
Scarcity
Efficiency
Sustainability

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is known as the "Father of Economics"?

Karl Marx
John Maynard Keynes
Adam Smith
Milton Friedman

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor of production coordinates other factors for production?

Labor
Capital
Entrepreneur
Land

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a traditional economy, decisions are based on:

Government regulations
Market forces
Customs and beliefs
Private ownership

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does "Unemployment" refer to?

Individuals who are unemployable
Individuals who are not seeking a job
Individuals who are employable but can't find a job
Individuals who are retired

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term refers to a state or condition in which a person or community lacks the financial resources for a minimum standard of living?

Inflation
Recession
Unemployment
Poverty

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system does the government have very little or sometimes no intervention in market transactions, allowing buyers and sellers to make decisions freely?

Socialism
Communism
Capitalism
Mixed Economy

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