Key Economic Terms – Unit 1 Quizs
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Other
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11th Grade
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Practice Problem
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Easy
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
factors of production
Resources or inputs available in an economy that are used in the production of goods and services.
Only labor and capital used in manufacturing processes.
Natural resources that are not renewable.
Financial capital that is invested in stock markets.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
excludability
Where it is possible to stop someone from consuming a good or service.
A situation where everyone can access a resource freely.
The ability to restrict access to a good or service based on payment.
A characteristic of public goods that allows unlimited access.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
quasi-public good
Good that has some but not the full characteristics of a public good.
A good that is entirely non-excludable and non-rivalrous.
A good that is provided exclusively by the private sector.
A good that is only available to those who can afford it.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
choice
Resources are abundant, so individuals, firms, and governments have no need to consider alternatives.
Resources are scarce, so individuals, firms, and governments have to consider alternatives.
Resources are unlimited, allowing individuals, firms, and governments to pursue any option they want.
Resources are evenly distributed, making alternatives unnecessary.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
labour
A factor of production – human resources available in an economy.
A type of capital used in manufacturing.
A measure of the economic output of a country.
A government policy to regulate employment.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
low-income countries
Economies where income per head was $1025 or less in 2018 (World Bank).
Countries with a GDP growth rate of over 5% annually.
Nations with a high standard of living and low poverty rates.
Regions where the average income exceeds $5000 per year.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
market economy
An economic system where most decisions are taken through the market mechanism.
A system where the government makes all economic decisions.
An economy that relies solely on barter and trade.
A type of economy that is completely controlled by private corporations.
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