
Fundamentals Review
Quiz
•
Financial Education
•
12th Grade
•
Medium
Chad Whitley
Used 1+ times
FREE Resource
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45 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Allie is shopping when she finds a pair of running shoes priced at $90. When Allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the running shoes. Allie’s situation best illustrates which economic concept?
Opportunity cost
Scarcity
Unlimited resources
Trade-offs
Trade
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a common trait that mixed and market economies share with one another?
Competition
Nationalization of business
Self-sufficiency
Dictatorship
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Under which economic system would the factors of production most likely be owned by the government?
Market Economy
Command Economy
Traditional Economy
Mixed Economy
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of these occurs in a mixed economy?
Private enterprises compete with the government for economic dominance
The government and private enterprise exist together as major economic participants
All businesses are publicly owned, but privately managed
The government directs all economic activity
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following best defines the type of economy used by generations of farmers?
Market Economy
Mixed Economy
Command Economy
Traditional Economy
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following often describes the economy of the United States?
Market Economy
Mixed Economy
Command Economy
Traditional Economy
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which best demonstrates the characteristics of human capital?
Purchasing additional land and supplies to expand production capacity at a factory
Increasing productivity through training or education for workers
Raising the salaries of supervisors and managers purchasing stock in several corporations
Harvesting a crop of wheat to produce larger amounts of bread to feed the homeless
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