Economics Quiz: Test Your Basics!

10 Questions | Total Attempts: 76

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Economics Quiz: Test Your Basics!

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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