Studying Economics

Studying Economics

6th Grade

10 Qs

quiz-placeholder

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Studying Economics

Studying Economics

Assessment

Quiz

History

6th Grade

Medium

Created by

Leah Ann Lane

Used 4+ times

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10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

5 mins • 1 pt

Every society must make important economic choices because of _________________.

Climate change

international trade rules

abundant resources

scarce resources

2.

MULTIPLE SELECT QUESTION

5 mins • 1 pt

An opportunity cost is the cost of passing up the second choice when making a decision.

True

False

3.

MULTIPLE SELECT QUESTION

5 mins • 1 pt

Factors of production are_______________________.

Types of exchange

things that geographers study

related to the concept of scarcity

the resources needed to make goods and services

4.

MULTIPLE SELECT QUESTION

5 mins • 1 pt

Capital refers to human-made goods, such as machines, buildings, and tools, that are used to make other goods and services.

True

False

5.

MULTIPLE SELECT QUESTION

5 mins • 1 pt

In a market economy, ____________________.

buyers and sellers freely choose to buy or make whatever they want.

the government controls production

only certain people can buy and sell products

labor is of very little value

6.

MULTIPLE SELECT QUESTION

5 mins • 1 pt

The three basic economic systems are traditional, nontraditional, and market.

True

False

7.

MULTIPLE SELECT QUESTION

5 mins • 1 pt

Private property is ______________________.

anything owned by the government rather than individuals or groups

guaranteed by the Bill of Rights

not important in a market economy

anything owned by individuals or groups rather than the government

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