4th Six Weeks Economics Test Review

4th Six Weeks Economics Test Review

12th Grade

25 Qs

quiz-placeholder

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4th Six Weeks Economics Test Review

4th Six Weeks Economics Test Review

Assessment

Quiz

History

12th Grade

Easy

Created by

Amy Dick

Used 6+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Scarcity is a basic economic problem because —

resources are limited

governments limit production

opportunity costs limit demand

people have trouble making choices

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The basic idea of choice presents which of the problems in economics?

People get to decide what they want.

Businesses can sell what they want.

Decisions produce costs.

Choice is a way of life.

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the relationship between scarcity and decision making in economics?

Consumers are more likely to choose goods and services that are scarce.

When certain goods are scarce it complicates decision making.

Individuals must choose how to use scarce resources to satisfy their wants.

When resources are scarce the government will prioritize certain goods to influence decision making.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In a free market society, the answer to the question about how much to produce is determined by —

census data

profit projections

consumer demand

government quotes

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following represents capital needed to start a tailoring or garment making business?

Dressmakers

Building space

Marketing team

Sewing machines

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Which factor of production completes the excerpt?

Laborers

Landlords

Entrepreneurs

Capital investors

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which resource would be considered the factor of production called land?

Coal

Factory

Money

Tractor

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