PBMF 1st Semester Exam part 1

PBMF 1st Semester Exam part 1

9th - 12th Grade

25 Qs

quiz-placeholder

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PBMF 1st Semester Exam part 1

PBMF 1st Semester Exam part 1

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Carly Patton

Used 168+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an economic need?

a. water

a. concert tickets

a. a loaded SUV

a. a new television

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If everybody had an unlimited supply of economic resources, which of the following would not exist?

b. wants

b. scarcity

needs

b. capitalism

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an especially important principle of the U.S. economic system?

tradition

private property

freedom of choice

profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Generally, as the price of a product increases,

demand will increase.

consumers will be willing to purchase larger quantities of the product

businesses will be willing to supply larger quantities of the product

the supply curve will slope downward

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GDP measures a country’s economic output during

Five years

One week

One year

One month

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If wages increase faster than gains in productivity, prices will rise. Why?

Because the cost of producing goods decreases

Because demand will increase for all products

Because the cost of producing goods increases

Business owners will demand higher prices because they know workers have more money to spend.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If GDP growth slows for at least ____________________ quarter(s) in a calendar year, the economy is probably in a recession

3

1

2

4

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