3/5 Do Now: Economics

3/5 Do Now: Economics

7th Grade

17 Qs

quiz-placeholder

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3/5 Do Now: Economics

3/5 Do Now: Economics

Assessment

Quiz

Social Studies

7th Grade

Hard

Created by

Phillip Lyde

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which situation is most likely to lead to the lowest prices?

There is only one producer making the good.
Businesses secretly agree to share their profits.
Competition between businesses is prohibited.
Several producers compete to sell goods to the public.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When companies compete in a market economy, what is usually the result?

Consumers are able to buy goods for the best available price.
People pay much higher prices for goods.
There are frequent shortages of goods on the market.
Producers refuse to sell some of their products.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?

The price will go up.
The price will go down.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

demand goes up
demand stays the same
demand goes down
none of the above

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

a person or company that makes, grows, or supplies goods to sell is called the?

damand
price
producer
shortage

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

demand goes up
demand stays the same
demand goes down
none of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

The price will go up.
The price will go down.

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