Economics Quiz

Economics Quiz

12th Grade

30 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

History

12th Grade

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Created by

Tamia Myers

Used 2+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of economics?

The study of weather patterns

The study of human behavior

The study of how people use resources

The study of ancient civilizations

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity refer to in economics?

Unlimited resources

Limited resources

Abundant resources

Infinite resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the four factors of production?

Land

Labor

Capital

Technology

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is an entrepreneur?

A person who studies economics

A person who starts and runs a business

A person who works for the government

A person who teaches economics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

The cost of all opportunities

The cost of the next best alternative

The cost of production

The cost of resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does efficiency mean in economics?

Maximizing waste

Minimizing waste

Increasing costs

Decreasing production

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do incentives motivate people?

By providing punishments

By providing rewards

By increasing costs

By decreasing resources

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