Economics Vocabulary Quiz # 1

Economics Vocabulary Quiz # 1

12th Grade

27 Qs

quiz-placeholder

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Economics Vocabulary Quiz # 1

Economics Vocabulary Quiz # 1

Assessment

Quiz

Other

12th Grade

Medium

Created by

Leslie Robinson

Used 7+ times

FREE Resource

27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the fundamental economic problem that arises due to limited resources and unlimited wants?

Labor

Scarcity

Capital

Market Structure

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which term refers to the inputs used in the production of goods and services, such as machinery and tools?

Division of Labor

Resource

Economics

Opportunity Cost

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a system where economic decisions are based on customs, traditions, and cultural beliefs, what type of economy is it?

Command Economy

Mixed Economy

Market Economy

Traditional Economy

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In which type of economy does the government have significant control over economic decisions and resource allocation?

Mixed Economy

Market Economy

Command Economy

Oligopoly

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What type of economy combines elements of both market and command economies?

Market Economy

Mixed Economy

Traditional Economy

Monopoly

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which term describes the study of how societies use scarce resources to produce and distribute goods and services?

Market Structure

Division of Labor

Economics

Competition

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What factor of production refers to the physical and mental effort people contribute to the production of goods and services?

Capital

Resource

Labor

Oligopoly

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