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Economics Quiz Lessons 3 and 4

Authored by DONNA BUCCI

Social Studies

5th Grade

Used 3+ times

Economics Quiz Lessons 3 and 4
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of resource occurs commonly in and on the earth and is used to produce goods and services?

Human capital

Capital resources

Natural resources

Intermediate goods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of resource includes people who do mental and/or physical work to produce goods and services?

Human capital

Capital resources

Natural resources

Intermediate goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of resource includes goods that are made by people and used to produce other goods and services?

Human capital

Capital resources

Natural resources

Intermediate goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are intermediate goods?

People who do mental and/or physical work to produce goods and services.

Occur naturally in and on the earth and are used to produce goods and services.

Are goods made by people to provide a service to others.

Are made by people and used to produce other goods and services.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost of production?

The amount producers pay for a good or service.

The amount consumers pay for a good or service.

The amount producers pay for the productive resources and intermediate goods used to produce a product.

The amount consumers pay for the productive resources and intermediate goods used to produce a product.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Profit is the amount of revenue that is left after a business pays its cost of production.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is revenue?

Money received from producing a product.

Money received from selling a product.

Money spent producing a product.

Money spent buying resources.

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