
AG Unit 8 Formative Assessment 2024-25
Authored by Adam Berkowicz
Social Studies
9th - 12th Grade
Used 1+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is capitalism primarily defined as?
A government-controlled trading system
A society with complete economic equality
An economic system with shared ownership
An economic system based on private ownership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do economists call the basic resources needed for any economy?
Supply and demand
Economic freedoms
National property
Factors of production
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is included in the economic definition of land?
Only forests and farms
All water resources except oceans
Only the ground under buildings
Natural resources used for economic purposes
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'labor' refer to in economics?
The hours spent working per week
Only work done in factories
Machines used in production
People who perform work in various industries
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is capital in economic terms?
A state’s revenue from taxes
Natural resources from the land
Government subsidies for goods
Human-made resources used in production
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes the buildings, machines, and computers used in production?
Natural capital
Intellectual property
Financial resources
Physical capital
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is considered a capitalist?
A person who earns hourly wages
A citizen of a free country
A consumer in the market
Someone who owns and uses capital
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