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Economic Principles

History

7th - 8th Grade

Used 89+ times

Economic Principles
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15 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is a basic question of economics?

What will be produced?
How much will be produced?
How will it be produced?
Where will it be produced?

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economic system is based on tradition and historical precedent?

Market
Command
Traditional
Mixed

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Cuba and North Korea are examples of which type of economy?

Mixed
Free Market
Traditional
Command

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Money made minus expenses is called--

Price
Choice
Profit
Consumer sovereignty

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The inability to satisfy all wants at the same time is called?

Scarcity
Prodcution
Consumption
Resources

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Tina must choose between going to the movies or buying a new game. She chooses the game. Going to the movies is Tina's--

Choice
Opportunity cost
Consumer soveriegnty
Competition

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A _______________ economy is centrally planned and centrally owned by the government.

Traditional
Free Market
Command
Mixed

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