Fundamental Economic Concepts

Quiz
•
9th Grade
•
Medium
Oyin oduba
Used 237+ times
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15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic economic problem?
Opportunity Cost
Scarcity
Factors of production
Goods and Services
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is one of the basic economic questions?
What should we produce?
How should things be produced?
Who should things be produced for?
All of the above?
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Someone from a family of hunters becomes a hunter. What economic system is that an example of?
Market Economy
Mixed Economy
Traditional Economy
Command Economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the PPC/PPF illustrate?
The basic economic questions
opportunity cost
regressive taxes
business cycle
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these economic goals are usually associated with a market economy?
Stability, Efficiency, and Growth
Freedom, Equity, and Stability
Efficiency, Freedom, and Growth
Security, Stability, and Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The higher you education, the higher your standard of living.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is allocation?
The next best choice when you make a decision
The consumers desire to buy a product
The distribution of goods and services
None of the above
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