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Economics Exam Study

Authored by Trevor Miller

History

12th Grade

Used 5+ times

Economics Exam Study
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Not enough resources to satisfy human wants

Land

Scarcity

Capital

Profit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Resources needed to produce goods and services (land, labor, capital, and entrepreneurship)

Law of Supply

Labor

Factors of Production

Entrepreneurship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All natural resources used to produce goods and services

Land

Labor

Traditional Economy

Capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All human effort used to produce goods and services

Land

Labor

Entrepreneurship

Supply Curve

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic system in which goods are produced and distributed based on customs

Command Economy

Traditional Economy

Market Economy

Communism

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic system in which the government makes all economic decisions

Market Economy

Capitalism

Command Economy

Socialism

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic system in which individual choice and voluntary exchange direct economic decisions

Socialism

Market Economy

Command Economy

Demand Curve

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