
Economics Unit 1 Test Practice
Authored by AIMEE N DANIEL
Social Studies
12th Grade
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23 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The basic idea of choice presents which of the problems in economics?
People get to decide what they want.
Businesses can sell what they want.
Decisions produce costs.
Choice is a way of life.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a free market society, the answer to the question about how much to produce is determined by —
census data
profit projections
consumer demand
government quotes
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following represents capital needed to start a tailoring or garment making business?
Dressmakers
Building space
Marketing team
Sewing machines
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following economic philosophers is described by the information in the box?
Adam Smith
John Maynard Keynes
Fredrich Hayek
Milton Friedman
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What basic economic question is addressed in the press release?
How to produce?
What to produce?
For whom to produce?
How much to produce?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The situation described in the excerpt is an example of a society addressing an economic question by —
responding to shortages by increasing production
reacting to consumer demands by importing more
allocating resources through a government program
distributing supplies to those willing to pay the most
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do households earn income according to the circular flow model?
By investing in land and capital
By supplying labor resources to firms
By selling goods and services for a profit
By collecting tax revenue from the government
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