Microeconomics Review
Authored by J. Mendenhall
Social Studies
1st - 3rd Grade
Used 59+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The study of economics, is the study of making
choices
money
legislation
business
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
We must make choices because we live in a world of limited resources and unlimited wants/needs. This is known as
shortage
surplus
scarcity
cost-benefit analysis
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Opportunity cost refers to
what you give up when choosing what you did choose
the total cost of production
the price of an opportunity taken
what you chose from two possible options
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cattle would be considered which factor of production?
land
labor
capital
entrepreneurship
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Labor refers to any human worker, as opposed to entrepreneurs, who are
considered capital
unemployed
workers who do not perform manual labor
risk takers who start their own business
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something produced to produce something else would be considered
land
labor
capital
entrepreneurship
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of capital would be
a tractor
farmland
a factory worker
oil fields
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