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Economics Quiz

Authored by Erik Villagomez

Social Studies

12th Grade

Used 14+ times

Economics Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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When resources are limited, it is referred to as

Economics
Scarcity
Surplus
Demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Government controls or dictates what is produced and other economic policy in this type of economy:

Command Economy
Traditional Economy
Mixed Economy
Market Economy (Free Enterprise)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Most nations practice a blending of command and market economies, resulting in a:

Traditional Economy
Mixed Economy
Command Economy
Free Enterprise (Market Economy)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Which characteristic of the United States Economy should result in better quality of goods and services at lower prices?

Competition
Profit
Limited government
Private property

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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The United States is a __________ economy.

free market
mixed
traditional
command

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Name the characteristic. Individuals and businesses have the right to own land, a business, and other resources without the government taking it arbitrarily.

free markets
private property
profit
competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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This author proposed that individuals left on their own would work for their own self-interests, and that government should have little to do with national economic activity. 

Adam Smith
Adam West
Adam Moore
Adam Eve

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