Foundations of Economics Review

Quiz
•
Social Studies
•
12th Grade
•
Hard
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
SCARCITY is a condition that:
exits only in POOR nations
only POOR countries experience
ALL people have to deal with
rich people NEVER deal with
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a barrel of crude oil is used to make gasoline, the opportunity cost would be...
the price you pay for the gasoline
the price of the crude oil
value of anything else you could have made besides gasoline
the gasoline produced
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
an efficient economy...
has few people not working for a living
uses its resources to make the most goods & services
ensures safety of all citizens
always creates the newest technology
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Hammers, computers, phones, buildings, a grill, would all be examples of...
land
labor
capital
entreprenuers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of economy has NO government involvement?
free market
communism
socialism
traditional
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On a production possibility graph, any point ON the frontier line would be considered....
underproduction
efficiency
growth
income
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
timber, water, fruits & veggies would be considered...
labor
land
entrepreneurs
capital
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