Economics Chapter 1

Economics Chapter 1

10th - 12th Grade

23 Qs

quiz-placeholder

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Economics Chapter 1

Economics Chapter 1

Assessment

Quiz

Social Studies

10th - 12th Grade

Easy

Created by

Bethany Garcia

Used 23+ times

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23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of the choices individuals and societies make in production, distribution, and consumption of goods?

Supply

Economics

Market

Services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the quantity of a good for sale at a certain price under certain conditions?

Goods

Market

Demand

Supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the mechanism that allows people to exchange goods?

Market

Supply

Demand

Economics

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who was the founder of the Austrian school of economics?

Karl Marx

Adam Smith

Carl Menger

Russell Kirk

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of good is a forklift that is used in business?

imported

capital

consumer

service

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of good is a computer that is used for personal home use?

capital

imported

specialized

consumer

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good is a tangible item for which people will pay.

True

False

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