(Practice Test) Foundations of Economics
Authored by Sean Jones
Social Studies
12th Grade
EPF covered
Used 26+ times
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47 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Clothing, food, toys, and electronics would all be considered.
Immaterial Goods
Consumer Goods
Capital Goods
Non-Durable Goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Companies need more land than financial capital, in order to be successful.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following illustrations would represent capital in the factors of production?
4.
MULTIPLE SELECT QUESTION
30 sec • 2 pts
Something that is found in nature and can be used by people
Natural resource
Human resource
Capital resource
Entrepreneurs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A benefit, profit, or value of something that must be given up to acquire or achieve something else
Production
Opportunity cost
Supply
Scarcity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Analyze the illustration below: which of the following vocabulary terms would BEST describe the image?
Scarcity
Opportunity Cost
Factors of Production
Alternatives
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something that motivates an individual to perform an action.
Supply
Demand
Price
Incentive
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