Economy Quiz

Economy Quiz

12th Grade

20 Qs

quiz-placeholder

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Economy Quiz

Economy Quiz

Assessment

Quiz

Other

12th Grade

Medium

Created by

Jennifer Madden

Used 9+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In what type of economy does the government make all the economic decisions?

Communism
Free Enterprise
Socialsm
Traditional

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A basic economic system where customs and traditions shape how goods are made and traded

Communism
Free Enterprise
Socialism
Traditional

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Tropical storms have destroyed some orange orchards. With less oranges available, what is likely to happen to the price of oranges?

The price would increase
The price would stay the same
The price would go down

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Why did Target lower the price on the ugly shirt?

The supply of the shirt was low
The demand for the shirt was low

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When the demand for a product is higher, the price ________________.

increases

decreases

stays the same

automatically doubles

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A person who makes a product in the product market is called ___________________.

Consumer

Clerk

Worker

Producer

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A person who purchases a product is called a ________________________.

Producer

Consumer

Client

Banker

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