Intro to Economics Review

Intro to Economics Review

11th Grade

20 Qs

quiz-placeholder

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Intro to Economics Review

Intro to Economics Review

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Medium

Created by

Ian Lundquist

Used 5+ times

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20 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

An example for each of the four factors of production (Land, Labor, Capital, Entrepreneur).

Land - A farm used for agricultural production

Labor - Workers in a factory manufacturing goods

Capital - Machinery and equipment used in a bakery

Entrepreneur - A person starting a tech startup

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the fundamental economic problem?

How to allocate resources efficiently

How to maximize profits

How to regulate markets

How to reduce taxes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe the difference between a good and a service.

Goods are tangible products, services are intangible actions

Goods are sold by individuals, services are sold by businesses

Goods are produced locally, services are produced globally

Goods are necessities, services are luxuries

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Why are entrepreneurs important in a free enterprise economy?

They create jobs and new businesses

They regulate the economy

They distribute resources equally

They provide government funding

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In a market economy, the decisions of what to produce are often determined by who?

The government

The consumers

The businesses

The labor unions

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Labor, entrepreneurship, natural resources, and capital are all examples of what?

Factors of production

Market demand

Economic indicators

Government regulations

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

One key to economic growth is the power of innovation and new ideas. Which factor of production is that?

Labor

Entrepreneurship

Natural resources

Capital

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