Economics: Work and Prosperity Test 3
Quiz
•
Social Studies
•
9th - 12th Grade
•
Medium
Mrs. A. Weldon
Used 4+ times
FREE Resource
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46 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of good is a truck used by a florist to deliver flowers?
supplier
productive
capital
consumer
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Gordon McConnell's accounting business had expenses equaling $90,000 and revenues totaling $115,000 last year, but he could have had a salary of $80,000 working for someone else, what was his opportunity cost?
$125,000
$105,000
$55,000
$45,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of good does not last more than three years?
durable good
normal good
nondurable good
inferior good
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of economic system is controlled by a centralized authority?
traditional
mixed
free enterprise
command
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Besides limited government and freedom of enterprise and competition, to what does the free market economy owe its proficiency?
property rights
natural resources
productivity
division of labor
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the retail clothing industry in a large city an example of?
oligopoly
monopolistic competition
monopoly
perfect competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which group favored a "natural economy"?
mercantilists
physiocrats
protectionists
imperialists
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