A car is an example of a:

Economics Final Review

Quiz
•
Social Studies
•
12th Grade
•
Hard
Stewart [HHS]
Used 1+ times
FREE Resource
50 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
durable good.
nondurable good.
capital good.
service.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anika is considering whether to spend her last hour before an exam studying or watching a movie. The opportunity cost of her decision refers to:
the dollar amount attached to the activity she chooses.
the value of the next best alternative she gives up, which is studying if she chooses to watch a movie or watching a movie if she chooses to study.
the cost of not choosing both activities.
the cost of her time spent on the activity she chooses.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is best defined as the study of how societies deal with:
the factors of production.
the problem of scarcity.
the paradox of wealth.
the division of labor.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The three synonymous terms to describe the U.S. economic system are free enterprise, capitalism, and:
limited role of government.
competition.
free market.
economic freedom.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Evelyn is starting a new tech company. Which of the factors of production involves her taking risks and combining resources to produce a service?
land
capital
labor
entrepreneurs
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a scenario where Elijah and Isla are exchanging goods without using money, which term best describes their economic activity?
trade
fiat
specie
monetary
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many distinct factors of production do economists recognize?
one
two
three
four
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