Introduction to Economics

Introduction to Economics

9th - 12th Grade

15 Qs

quiz-placeholder

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Introduction to Economics

Introduction to Economics

Assessment

Quiz

9th - 12th Grade

Hard

Created by

Shantana Valdez

Used 255+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

1. Each day you have $5 for lunch. Today, you decided to save $2 and buy the chicken salad tomorrow for $6.50. How is money being used in this case?
As an indicator of debt
As a store of value
As a medium of exchange
As a unit of accounting

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

2. Due to heavy lobbying by the Cake Makers of America, the government issues a new regulation that requires people who sell cakes to purchase a license. Given this scenario, it can be said that government is creating:
A safer workplace
A more competitive market
A barrier to market entry
A better product

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

3. Bartering is defined as:
The value placed on a product
Taking a product with the promise to return it
Trading a product for another product
An object used as payment for a product

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

4. An object used as payment for a product
Barriers to market entry exist
Buyers are familiar with the product
Many buyers and sellers
No seller or buy has control of the market

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

5. What is meant by scarcity?
Limited resources and limited wants and needs
Unlimited resources and limited wants and needs
Limited resources and unlimited wants and needs
Unlimited resources and unlimited wants and needs

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

6. Which type of market has a few major sellers, where a price action by one seller can cause the other sellers to follow?
Oligopoly
Pure competition
Monopoly

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

7. Which concept is NOT basic to definition of economics?
Scarcity
Rational self-interest
Choice
Bartering

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