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Econ Review

Authored by Marcie Hanson

7th Grade

Used 60+ times

Econ Review
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What role does government play in the circular flow model?

purchases goods and services in the product market
collects taxes from businesses and individuals
purchases resources in the factor market
all of the above

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

*NO consumer choice
*No competition
*NO innovation
*Government makes all economic decisions
What kind of economy? 

Traditional
Command
Mixed

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Sales, Property, and Income are types of:

Money
Stocks
Taxes

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

*Too little money in economy
*High unemployment
*Decline in consumer demand
*Prices decrease
What economic state is this? 

Recession
Inflation
Intermediary

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The interaction of supply and demand determines:

Opportunity cost
Prices
Interest rates

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

People use money to buy goods and services.  What is another way to say that?

Money is a store of value
Money is a medium of exchange
Money is a unit of account 

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The inverse relationship between price and quantity that describes what consumers will buy is

Substitution Effect
Law of Demand
Law of Supply
Law of Diminishing Marginal Utility

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