Economics Unit 1 Study Guide

Economics Unit 1 Study Guide

12th Grade

30 Qs

quiz-placeholder

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Economics Unit 1 Study Guide

Economics Unit 1 Study Guide

Assessment

Quiz

others

12th Grade

Practice Problem

Easy

Created by

Terrance Oldaker

Used 14+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Economics is the study of how people

Calculate their income tax
Choose from limited resources to meet their needs
Respond to war and drought
Gain knowledge and skills from study and experience

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Physical objects such as clothes or shoes are defined as

goods
labor
capital
services

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. Something such as air, food, or shelter that is necessary for survival is a

need
service
want
worker

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. All goods and services we produce are

expensive
scarce
recyclable
efficiently produced

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. The resources used to make all goods and services are called

factors of production
the gross national product
the production possibilities frontier
opportunity costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. Which of the following is not a factor of production?

a woman who makes a quilt
the cotton cloth and thread used to make the quilt
the children whom the woman supports with her labor
the wood frame on which the quilt is sewn

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. Any human-made resource that is used to create other goods and services is

a service
an entrepreneur
capital
labor

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