Economics Vocab Quiz 2

Economics Vocab Quiz 2

10th Grade

13 Qs

quiz-placeholder

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Economics Vocab Quiz 2

Economics Vocab Quiz 2

Assessment

Quiz

Other

10th Grade

Easy

Created by

Constantine Souliotis

Used 4+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are capital goods?

Services provided by a company

Tangible assets used in the production of other goods and services

Money used for personal expenses

Intangible assets used for personal use

Answer explanation

Capital goods are tangible assets used in the production of other goods and services.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a correlation?

a relationship between two factors, pieces of data, or other variables

The difference between two different types of economics

A form of economic thinking that describes how people make money

A relationship between normative and assimilative economics

Answer explanation

A correlation is a relationship between two factors or variables.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does economic efficiency mean?

Using resources in a haphazard and inefficient manner

Spending resources without any consideration for waste

Using resources in the most optimal way to maximize production and minimize waste

Maximizing waste and minimizing production

Answer explanation

Economic efficiency means using resources optimally to maximize production and minimize waste.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an entrepreneur?

A person who invests in the stock market

A person who works for a company as an employee

A person who starts a business or organization, taking on financial risks in the hope of profit.

A person who is a professional athlete

Answer explanation

An entrepreneur is a person who starts a business or organization, taking on financial risks in the hope of profit.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is human capital?

Skills, knowledge, and experience possessed by an individual or population

The total population of a country or region

Physical characteristics and traits of an individual or population

Money and assets owned by an individual or population

Answer explanation

Human capital refers to the skills, knowledge, and experience possessed by an individual or population. It emphasizes the importance of human skills and expertise in driving economic growth and development.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an input in economics?

Labor used to produce goods and services

Money used to buy goods and services

Resources used in the production of goods and services

Land used for agricultural purposes

Answer explanation

An input in economics refers to the resources used in the production of goods and services.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is labor in economics?

The act of resting and not working

Physical and mental effort exerted by humans in the production of goods and services

The process of giving birth to a child

The study of rocks and minerals

Answer explanation

Labor in economics refers to the physical and mental effort exerted by humans in the production of goods and services.

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