Part 1: Econ Review for Final Assessment

Part 1: Econ Review for Final Assessment

9th Grade

32 Qs

quiz-placeholder

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Part 1: Econ Review for Final Assessment

Part 1: Econ Review for Final Assessment

Assessment

Quiz

Financial Education

9th Grade

Practice Problem

Easy

Created by

Trisha Memmer

Used 1+ times

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32 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four factors of production?

Land, capital, labor, and entrepreneurship

Money, time, effort, and resources

Goods, services, capital, and labor

Land, labor, goods, and services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Land is considered a natural resource or 'gifts of nature' not created by human effort; it is one of the four factors of ________.

production

consumption

distribution

exchange

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a capital good used in construction?

Forest

Bulldozer

Field

Mineral deposit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The definition of 'Division of Labor' is:

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

The process of dividing a market into distinct subsets of consumers with common needs or characteristics.

The separation of ownership and control in a corporation.

The allocation of resources in a way that maximizes social welfare.

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is an example of 'specialization'?

A worker performing several different tasks in the same period of time.

The assembly of a product broken down into separate tasks performed by different workers.

A worker who performs a few tasks many times a day.

A worker who performs tasks in different factories.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the four factors of production that involves people with all their abilities and efforts?

Capital

Labor

Land

Entrepreneurship

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not included in the definition of Labor?

Employees

Entrepreneurs

Managers

Workers

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