Economics Unit 1 Test Review

Economics Unit 1 Test Review

8th Grade

25 Qs

quiz-placeholder

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Economics Unit 1 Test Review

Economics Unit 1 Test Review

Assessment

Quiz

Social Studies

8th Grade

Medium

Created by

Nathan Conrey

Used 74+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four factors of production necessary for the production of goods and services?

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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