Basic Economics!

Basic Economics!

8th Grade

16 Qs

quiz-placeholder

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Basic Economics!

Basic Economics!

Assessment

Quiz

8th Grade

Medium

Created by

Abbey Plein

Used 4+ times

FREE Resource

16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

Name of a horror movie

Inability to satisfy all wants at the same time

Amount you make when you sell something

Running out of your supply because of high demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The things that are produced in an economy depend on...

Luck and Weather

Consumer Preferences and Resources Available

Price and Competition

Services Provided and Profit Made

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____________ is the using of goods and services.

Price

Effort

Consumption

Supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Three Basic Economic Questions are....

What's for dinner? What's for breakfast? What's for lunch?

Who's buying? Who's selling? How much does it cost?

What to produce? How to produce it? For Whom to produce it?

When does class end? Will I get a good grade? When will I be rich?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A type of economy where there is little or no government involvement and there is lots of choice...

Free Market Economy

Command Economy

Traditional Economy

Mixed Economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Johnny decides to go to the movies instead of going to practice. What is his opportunity cost?

Going to Practice

Going to the Movies

The price of the ticket

Getting new basketball shoes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A type of economy where the government decides what is made, how it's made, and no choice exists.

Free Market Economy

Command Economy

Traditional Economy

Mixed Economy

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