Basic Economic Concepts

Basic Economic Concepts

3rd Grade

5 Qs

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Basic Economic Concepts

Basic Economic Concepts

Assessment

Quiz

Social Studies

3rd Grade

Hard

Created by

Jacqueline Gonzalez

Used 3+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Microeconomics is the study of:

stock markets

the economy as a whole

how to manage money

individuals and their decisions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost is about money, not about the general use of resources.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Communism says that the means of production are directly owned by:

the president

the state

the citizens

the government

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Law of Supply states that:

As the price goes down, less will be supplied

As the price rises, more will be supplied

As the price rises, less will be demanded & the opportunity cost of the purchase increases

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

CIP: Consumer Price Index is the change in prices over a period of time

True

False