
Econ Unit 1
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Deana Mullinax
Used 5+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
While the wants and needs of consumers are unlimited, productive resources are limited, forcing consumers and producers to make choices. This concept is known as
borrowing
surplus
scarcity
budgeting
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a nation decides to invest in defense as oppose to domestic issues, domestic stability becomes a
Marginal benefit
International competition
Monetary incentives
Opportunity cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a market economy like the United States, the government's role is to
Regulate industry
Control industry
Focus on imported goods to sustain the economy
Avoid specialization
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity occurs when
There aren't enough resources needed to provide for the demand of goods and services
There is a surplus of resources with which to provide for the demand of goods and services.
There is efficient production possibility curve
There is a lack of diversity in producers in a given market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Entrepreneurs are motivated by which of the following?
credit score
prices
gdp
profit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the factors of production?
Land, labor, capital, entrepreneurship
Land, needs, wants, capitals
Rent, wages, interest, profit
Land, labor, scarcity, entrepreneurship
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a bakery makes cupcakes, which of the following would be capital?
The flour
The retailer
The oven
The worker
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