What are the four factors of production necessary for the production of goods and services?
Economics Unit 1 Test Review

Quiz
•
Social Studies
•
8th Grade
•
Medium

Nathan Conrey
Used 74+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land, labor, capital, and entrepreneurship
Money, time, effort, and resources
Land, money, effort, and entrepreneurship
Labor, capital, time, and resources
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of money in an economy?
Medium of exchange, store of value, and unit of account
Medium of exchange, source of income, and unit of account
Store of value, source of income, and unit of account
Medium of exchange, store of value, and source of income
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a broad goal of economic policy?
Efficiency
Full employment
Price stability
Scarcity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of opportunity cost?
The cost of the next best alternative foregone
The cost of all alternatives foregone
The cost of the chosen alternative
The cost of production
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system attempts to answer the questions: What to produce? How to produce it? To produce it for whom?
Market economy
Command economy
Mixed economy
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who are the theorists associated with capitalism and communism?
Adam Smith and Karl Marx
John Maynard Keynes and Karl Marx
Adam Smith and John Maynard Keynes
Milton Friedman and Karl Marx
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are positive and negative incentives in voluntary exchange?
Rewards and penalties
Profits and losses
Benefits and costs
All of the above
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