Economics Chapter 1 Test

Economics Chapter 1 Test

12th Grade

35 Qs

quiz-placeholder

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Economics Chapter 1 Test

Economics Chapter 1 Test

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Denny Whitlow

Used 4+ times

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35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Desires that can be satisfied by consuming a good or service is called __________.

want

need

scarcity

consumer

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Food, clothing, and shelter that are necessary for survival are called __________.

wants

needs

goods

factors of production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The situation that exists when there are not enough resources to meet human wants is called ______.

wants

needs

scarcity

producers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Physical objects that can be purchased are called _________.

goods

services

consumers

wants

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Work that one person performs for another for payment is called _____________.

production

services

labor

entrepreneur

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who buys goods or services for personal use is called ___________.

entrepreneur

producer

consumer

constitute

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who makes goods or provides services is called a(n) ___________.

consumer

apprentice

entrepreneur

producer

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