U.S. Economy and Economic Principles & Decisions SOL Review

U.S. Economy and Economic Principles & Decisions SOL Review

7th Grade

15 Qs

quiz-placeholder

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U.S. Economy and Economic Principles & Decisions SOL Review

U.S. Economy and Economic Principles & Decisions SOL Review

Assessment

Quiz

History

7th Grade

Medium

Created by

Tracy Lawhorn

Used 2+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer Rights are:

An act of placing money or a valuable item in a bank or other institution

the goods or services produced by a company

basic set of protections that apply to purchases of merchandise and services in the U.S.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does production refer to?

the goods or services produced by a company

where one company controls an entire industry

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is an entrepreneur?

where one company controls an entire industry

somebody who sets up and finances new commercial enterprises or businesses to make a profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who are the consumers?

Individuals and groups that buy and use goods and services

legal agreements between buyers and sellers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is supply?

Something done well or without wasted energy?

not having enough resources to produce all of the things we would like to have

The amount of goods and services that producers are able and willing to sell at various prices during a specified time period

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

legal agreements between buyers and sellers

something done well or without wasted energy

not having enough resources to produce all of the things we would like to have

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the role of consumer in determining what products will be produced based on what they buy

consumption

opportunity cost

consumer rights

consumer sovereignty

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