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Our Economic Choices

Authored by Vanessa Godinho

Other

9th - 12th Grade

Used 2+ times

Our Economic Choices
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor of production?

Land

Capital

Wealth

Labor

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does opportunity cost refer to?

The total cost of all options

The price of a good

The cost of production

The value of the next best alternative foregone

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor of production includes natural resources?


Land

Labor

Capital


Entrepreneurs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of entrepreneurs in the economy?

To manage resources

To take risks and innovate

To provide labor

To regulate prices

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when one of the factors of production is missing?

Production costs decrease

Production continues as usual

Production may halt or be limited

Production becomes more efficient

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a production possibilities curve?

A chart of consumer preferences

A model of labor supply

A list of production costs

A graph showing the maximum output of two goods

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes trade-offs?

The benefits of a decision

The alternatives available

The sacrifices made when choosing one option over another

The total cost of production

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