Chapter 1 - Economic Decisions & Systems

Chapter 1 - Economic Decisions & Systems

12th Grade

25 Qs

quiz-placeholder

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Chapter 1 - Economic Decisions & Systems

Chapter 1 - Economic Decisions & Systems

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Lisa Foster

Used 7+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who buys and uses goods and services is called a consumer.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods and services are purchased by businesses as well as by individuals.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Buildings, equipment, and supplies are examples of natural resources.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Communism refers to the private ownership of resources by individuals rather than by the government.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

. The basic economic problem results from not having enough resources to satisfy every need.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Although all nations differ in the type and amount of economic resources they have, they all have the same economic needs.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The final step in the decision-making process is to select the best choice from among the alternatives.

True

False

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