A car is an example of a

Economics Semester Exam

Quiz
•
Social Studies
•
12th Grade
•
Easy
Stewart [HHS]
Used 3+ 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
Opportunity cost refers to
the dollar amount attached to a good or service.
the value of the next best alternative.
the cost of not expanding production.
the cost of labor when production is expanded or changed.
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
Which of the factors of production involves taking risks and combining resources to produce a good or service?
land
capital
labor
entrepreneurs
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The economic system of the United States is considered a
free market capitalist economy.
command economy.
socialist economy.
traditional economy.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is a good synonym for the word barter in the term barter economy?
trade
fiat
specie
monetary
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