1st 9 Weeks Test

1st 9 Weeks Test

12th Grade

23 Qs

quiz-placeholder

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1st 9 Weeks Test

1st 9 Weeks Test

Assessment

Passage

Social Studies

12th Grade

Easy

Created by

Isai Bonilla

Used 1+ times

FREE Resource

23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem of economics that arises because resources are limited?

Inflation

Scarcity

Unemployment

Monopoly

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which economic system do customs and traditions play a significant role in decision-making?

Market economy

Command economy

Traditional economy

Mixed economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a free enterprise system, who primarily determines what goods and services are produced?

The government

Consumers and producers

Central planners

International organizations

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the concept of opportunity cost?

The cost of producing one more unit of a good

The value of the next best alternative foregone

The total cost of all resources used in production

The cost of labor and capital combined

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the quantity demanded of a good when its price decreases, assuming all other factors remain constant?

It increases

It decreases

It remains unchanged

It becomes zero

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor of production includes human skills and effort?

Land

Labor

Capital

Entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of a free enterprise system?

To ensure equal distribution of wealth

To maximize government control

To promote economic freedom and efficiency

To eliminate competition

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