Unit 1 Fundamentals of Economics Review
Quiz
•
Social Studies, Other
•
12th Grade
•
Medium
Stephanie Windon
Used 22+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is one way that technology can improve the production of goods?
Websites can allow consumers to purchase goods online.
Container ships can transport a number of goods at once.
Automation can create goods more cheaply and easily.
Airlines can send goods from one place to another.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economists can use new technology to
study data and patterns.
create and apply automation.
improve production and shipping.
increase demand and consumption.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Who was Adam Smith?
He was a philosopher who promoted the idea of free enterprise.
He was an economist who spoke against the market economy.
He was an official who ran an important government agency.
He was a producer who operated a factory in Scotland.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a competitive market, a computer store offers customers a warranty to help pay for any future damages. This is an example of
following a federal regulation.
lowering prices for customers.
reducing the risk for consumers.
creating a new or better product.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Public property is land or goods
owned by an individual.
owned by the government.
used for private businesses.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a mixed market economy, what is a typical way the government can reduce unemployment?
The government can pay for projects to create work.
The government can control factories to provide jobs.
The government can create new farm fields to hire workers.
The government can raise taxes to encourage employment.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is one example of a closed economy?
A barter system that does not rely on money or other currency.
A restricted system that blocks trade with international partners.
A trade-based system that encourages the flow of goods and services.
An old-fashioned system that preserves traditional choices and customs.
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