
Economics Semester Check
Authored by Stewart [HHS]
Social Studies
12th Grade
Used 2+ times

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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A car is an example of a
a. durable good.
b. nondurable good.
c. capital good.
d. service.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost refers to
a. the dollar amount attached to a good or service.
b. the value of the next best alternative.
c. the cost of not expanding production.
d. the cost of labor when production is expanded or changed.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is best defined as the study of how societies deal with
a. the factors of production.
b. the problem of scarcity.
c. the paradox of wealth.
d. the division of labor.
4.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and
a. limited role of government.
b. competition.
c. free market.
d. economic freedom.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the factors of production involves taking risks and combining resources to produce a good or service?
a. land
b. capital
c. labor
d. entrepreneurs
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The economic system of the United States is considered a
a. free market capitalist economy.
b. command economy.
c. socialist economy.
d. traditional economy.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is a good synonym for the word barter in the term barter economy?
a. trade
b. fiat
c. specie
d. monetary
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