Economics Quiz: Test Your Basics!
10 Questions
| Total Attempts: 76
(204).jpg "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
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