Fundamentals of Economics

Fundamentals of Economics

12th Grade

17 Qs

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Fundamentals of Economics

Fundamentals of Economics

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Scott Aronowitz

Used 15+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is used to produce a good or service?

Trade-off

Want

Need

Factors of production

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true?

Scarcity and shortage always exist

Scarcity is temporary and shortage always exists

Scarcity always exists and shortage is temporary

Scarcity and shortage are temporary

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Management falls under which factor of production?

Leadership

Labor

Land

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

is the study of how individuals and businesses determine how to allocate scarce resources.

Economics

Entrepreneurs

Opportunity cost

Government

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is:

Limited resources to meet unlimited demand

The same thing as shortage

A market condition in which the quantity supplied at the current market price is not enough to meet demand

None of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would NOT fall into the category of land as a factor of production?

Water

Trucks

Coal

Trees

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a business owner invests in machinery or tools to improve her employees' efficiency, she invests in capital.

Physical

Hornet

Investment

Human

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