Economics Quiz: Test Your Basics!

10 Questions | Total Attempts: 77

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Economics Quiz: Test Your Basics! - Quiz

Are you ready to test the basics with this quiz on economics? Do you think you would be able to pass? With this quiz, you must learn the tangible and intangible factors of production, which kind of economy has no government involvement regarding economic decisions and production elements. This extraordinary quiz will help you test your basic knowledge of economics. Invest in this quiz, and you will earn a certificate.


Questions and Answers
  • 1. 
    Which factors of production are TANGIBLE?
    • A. 

      Land

    • B. 

      Labor

    • C. 

      Capital

    • D. 

      Entrepreneurship

  • 2. 
    Which factors of production are INTANGIBLE?
    • A. 

      Land

    • B. 

      Labor

    • C. 

      Capital

    • D. 

      Entrepreneurship

  • 3. 
    Which form of economy has NO GOVERNMENT involvement in economic decisions?
  • 4. 
    Examples of LAND are natural resources.
    • A. 

      True

    • B. 

      False

  • 5. 
    The factors of production are Land, Labor, Capitol, and Entrepreneurship.
    • A. 

      True

    • B. 

      False

  • 6. 
    The ECONOMY is
    • A. 

      An organized way a nation provides for the needs and wants of its people.

    • B. 

      All the things used in producing goods and services.

    • C. 

      All the people that work.

    • D. 

      Natural resources (gas, plants, soil, tree, oil)

  • 7. 
    The U.S. is a mixed economy with an emphasis of the _____________ economy.
    • A. 

      Command

    • B. 

      Traditional

    • C. 

      Market

    • D. 

      Socialism

  • 8. 
    A political and economic philosophy characterized by marketplace competition and private ownership of businesses.
    • A. 

      Socialism

    • B. 

      Capitalism

    • C. 

      Communism

    • D. 

      Neoism

  • 9. 
    Japan is a socialist country.
    • A. 

      True

    • B. 

      False

  • 10. 
    Entrepreneurs are allowed in a Communist country.
    • A. 

      True

    • B. 

      False

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