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Fundamentals of Econ Review

Authored by Justin Wood

Social Studies

12th Grade

Used 1+ times

Fundamentals of Econ Review
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13 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

The condition of scarcity can be described as one that

afflicts only poor people and nations

exists when our unlimited needs/wants exceed our limited resources

exists when our limited resources exceed our unlimited needs/wants

only applies to luxury items

2.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

The 4 Factors of Production (FOP) are

rent for land, wages for labor, profit for capital, interest for entrepreneurship

land, labor, capital, entrepreneurship

land, labor, physical capital, financial capital

land, labor, resources, profits

3.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

Why do entrepreneurs take risks?

to set their own work hours

to earn a profit for themselves

to provide G/S to their customers

to provide salaries and benefits to their employees

4.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

The crops and animals on a farm are examples of which factor of production?

Land

Labor

Capital

Entrepreneurship

5.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

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__________ is the fundamental, universal, and perpetual economic problem that no one is immune to.

price floors/price ceilings

Scarcity

Shortage

the study of microeconomics

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

The difference between scarcity and shortage is

scarcity is a natural & re-occurring condition; shortage is a man-made condition

shortage only happens with new products

shortage is a natural & re-occurring condition; scarcity is a man-made condition

shortage is the fundamental, universal economic problem

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Productive resources that make up the four categories of land, capital, labor, and entrepreneurs

Factors of Production
Profits
trade offs
specialization

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