
Economics Quiz 2
Authored by Tanya Cimmento
Social Studies
5th Grade
Used 13+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When people want more than they have the money for and the goods and services that are available are limited, what problem results from these two conditions?
human resources
scarcity
capital goods
opportunity cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which system guarantees that everyone will get a share of scarce products?
first-come, first-served
lottery
rationing
command
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You decide to spend your money to buy a new hat, instead of using it to go to the movies or buying a book. What does the fact that you can no longer use that money to go to the movies illustrate?
economic scarcity
goods and services
an oppurtunity cost
a public good
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What allocation method gives out resources by assigning people a number and letting only those selected use the resource?
rationing
"first-come, first serve"
lottery system
command system
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The word ALLOCATE means...
how a product should be produced
what type of product should be produced
what resources are needed to produce the product
how to give out what is produced
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when the supply of a product is equal to the demand for it?
the price goes up
the price goes down
the price stays the same
the situation will never happen
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when the supply of a product is low and the demand for that product is high?
The price goes up
The price goes down
The price stays the same
The situation will never happen
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