What is the fundamental problem of economics that arises because resources are limited?
1st 9 Weeks Test

Passage
•
Social Studies
•
12th Grade
•
Easy
Isai Bonilla
Used 1+ times
FREE Resource
23 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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