Chapter 3 Economics Test
Authored by Ronnie Jonse
Social Studies
12th Grade
Used 21+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who answers the 3 basic economic questions in a free enterprise system?
Government
Individuals
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Voluntary exchange is beneficial to both parties involved.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the features of a free enterprise system?
private property
Economic incentives
competition
taxes
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Calculate the profit/loss for the following:
Total Revenue = 400
Total costs= 322
$78 loss
$78 profit
$722 profit
$722 loss
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Calculate the total loss/profit:
Total Costs=$4,555
Total Revenue= $4,323
$232 loss
$232 profit
$8878 profit
$8878 loss
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Apple launches a new "smart sunglasses." For the first year they take heavy losses, what does that signal to other companies.
There is demand for smart sunglasses
Other companies should start to produce "smart sunglasses" to compete with Apple
Other companies should NOT produce "smart sunglasses"
All of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Calculate the total profit/loss using the information provided:
Quantity produced/sold: 10
Average Cost: $10
Total Cost:
Price $12
$20 loss
$20 profit
$100 profit
$100 loss
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