(Practice Test) Foundations of Economics

(Practice Test) Foundations of Economics

12th Grade

47 Qs

quiz-placeholder

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(Practice Test) Foundations of Economics

(Practice Test) Foundations of Economics

Assessment

Quiz

Social Studies

12th Grade

Medium

EPF.E.1.1

Standards-aligned

Created by

Sean Jones

Used 26+ times

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47 questions

Show all answers

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?

Media Image
Media Image
Media Image
Media Image

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

Media Image

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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