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Economics Pre-Assessment Flashcard

Economics Pre-Assessment Flashcard

Assessment

Flashcard

Geography

9th Grade

Practice Problem

Hard

DOK Level 2: Skill/Concept

Standards-aligned

Created by

Wayground Content

FREE Resource

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31 questions

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1.

FLASHCARD QUESTION

Front

Which is a basic economic question that must be answered by all economic systems? Options: What will be the share of profits that go to businesses? What will be the amount of the minimum wage for workers? How will goods and services be produced? How will the government collect income taxes?

Back

How will goods and services be produced?

2.

FLASHCARD QUESTION

Front

Profits are equal to total

Back

revenue minus total cost.

3.

FLASHCARD QUESTION

Front

In a competitive market, the price of milk is likely to be increased by a ______ in the supply of milk.

Back

increase

4.

FLASHCARD QUESTION

Front

What primary function is money serving when it is used to buy a ticket to a movie?

Back

Medium of exchange.

5.

FLASHCARD QUESTION

Front

A basic role of entrepreneurs in the economy is to:

Back

take the risks associated with starting new businesses.

6.

FLASHCARD QUESTION

Front

An economy’s potential output at any time is limited by

Back

the quantity and quality of labor, capital, and natural resources.

7.

FLASHCARD QUESTION

Front

Which would usually reduce total spending in the economy? A. A fall in interest rates. B. A decrease in business taxes. C. A decline in consumer incomes. D. A reduction in personal income tax rates.

Back

A decline in consumer incomes.

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