Economics 101

Economics 101

7th - 12th Grade

19 Qs

quiz-placeholder

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Economics 101

Economics 101

Assessment

Quiz

History, Social Studies, Other

7th - 12th Grade

Practice Problem

Medium

Created by

Mrs. Tusick

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The gap between limited resources and unlimited wants is known as ______________.

Demand

Scarcity

Supply

Surplus

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity or how much the market can provide is known as ______________

Demand

Scarcity

Supply

Surplus

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of a product or service is desired by buyers is known as ______________.

Demand

Scarcity

Supply

Surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of an asset or resource that exceeds the amount that is utilized.

Demand

Scarcity

Supply

Surplus

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are examples of macro-economic principles except:

National Income

Inflation

Unemployment

Price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of the economy with a large scope. Looking at regional, national and global units.

Macro-Economics

Micro-Economics

Economics

Supply and Demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of production, distribution and consumption of goods and services.

Macro-Economics

Micro-Economics

Economics

Supply and Demand

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