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Economics Quiz 1

Authored by steve probst

Other

12th Grade

CCSS covered

Used 1+ times

Economics Quiz 1
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

If something is scarce it is

in short supply

overstocked

gone

in high demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The objective of the economy is to

satisfy limited needs and wants with unlimited resources

satisfy unlimited needs and wants with limited resources

satisfy unlimited needs and wants with unlimited resources

satisfy limited needs and wants with limited resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market is defined as

a physical place where people buy only goods.

a physical place where people buy both goods and services.

a store where people buy physical goods.

any arrangements that brings buyers and sellers together.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Materials from Earth that people use to produce goods and services are called ______________.

Climate

Capital goods

Natural resources

Human capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

___________ is the limited supply of something

Scarcity

Limitation

Extinction

Supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who buys goods and services

consumer
entrepreneur
resource
currency

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RI.7.2

CCSS.RL.8.1

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Individuals who come up with a new idea for a good or service, then they make it a reality

resource
human resources
consumer
entrepreneur

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