Pre_Test (Applied Economics) Q2
Quiz
•
Other
•
11th Grade
•
Medium
Vargas, A.
Used 17+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
It is the study of the trade-offs and choices that we make, given the fact of scarcity.
Economics
Free Goods
Opportunity cost
Scarcity
2.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
It is inputs used in the production of goods and services to make a profit: land, economic capital, labor, and entrepreneurship; also called “factors of production”
Economic Goods
Free Goods
Opportunity cost
Productive Resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
It refers to any human service physical or intellectual. Also referred to as human capital.
Economic capital
Labor
Entrepreneurship
Land
4.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
It refers to natural resource, including actual land, but also trees, plants, livestock, wind, sun, water, etc.
Economic capital
Labor
Entrepreneurship
Land
5.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
It deals with anything that’s manufactured in order to be used in the production of goods and services.
Economic capital
Labor
Entrepreneurship
Land
6.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
It is the ability of someone (an entrepreneur) to recognize a profit opportunity, organize the other factors of production, and accept risk.
Economic capital
Labor
Entrepreneurship
Land
7.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
It is the branch of economics that focuses on actions of particular agents within the economy, like households, workers, and businesses. We learn about the theory of consumer behavior and the theory of the firm.
Economics
Macroeconomics
Microeconomics
Economic Goods
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