American Free Market Test Review

American Free Market Test Review

8th Grade

35 Qs

quiz-placeholder

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American Free Market Test Review

American Free Market Test Review

Assessment

Quiz

History

8th Grade

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Created by

Heather Mitchell

Used 17+ times

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35 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What does the interaction between supply and demand decide?

consumer preferences

price of goods and services

mixed economies

free markets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is consumption?

that which determines price

that which is given up when a choice is made

making of goods and services

using of goods and services

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Seth has considered three different ways to spend his Saturday: go to the beach, start on his homework, or mow yards for extra money. Although he enjoys the beach, it is his third choice. He also decides he has plenty of time to do his homework on Sunday, so homework is his second choice. He decides that mowing yards is his best choice. What is the opportunity cost?

buying gasoline for the lawnmower

making money by mowing lawns on Saturday

seeing his friends at the beach on Saturday

getting his homework done on Saturday

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economic system does the United States have?

mixed

traditional

free market

command

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What economic principle most likely determined by the price?

capital

scarcity

demand

consumption

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity refers to-

what is given up when a choice is made

things used to change economic behavior

the inability to satisfy all wants at the same time

the factors of production

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is a characteristic of a command economy?

consumers often face a lack of choice

investment is encouraged by the promise of profit

economic decisions are based on custom

the role of the government in the economy is restricted by law

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