Chapter 1 Basic Economic Principles Quiz

Chapter 1 Basic Economic Principles Quiz

12th Grade

•

27 Qs

quiz-placeholder

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Chapter 1 Basic Economic Principles Quiz

Chapter 1 Basic Economic Principles Quiz

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Hard

Created by

Cheryl Massey

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27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these best desrcibes the definition of the long run time period in economics?

No change can be made to production
All resources used in production can be changed
It is possible to think even further ahead in time
Only one of the resources used in production can be changed.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inputs available for the production of goods and services is called what?

resources
wants
scarcity
Choice

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A situation in which wants and needs are in excess of the resources available is better known as what?

resources
wants
scarcity
choice

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Underpins the concept that resources are scarce so choices have to be made by, consumers, firms and governments.

resources
wants
scarcity
choice

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Needs that are not always realized are also called?

resources
wants
scarcity
choice

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Natural resources in an economy are called?

Land
Labour
Capital
Entrepreneur

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A man-made aid to production.

Land
Labour
Capital
Entrepreneur

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