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Economics- Final- Spring 2021

Authored by Donna Dinsdale

Social Studies

12th Grade

Used 5+ times

Economics- Final- Spring 2021
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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Things you can touch or hold in your hands are called____.

Goods

Services

Wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is caused by the fact that the world has limited_____.

Needs

Wants

Resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Taking things from earth, making things, and providing services are the ________.

Factors of production

Basic economic activities

Basic questions of economics

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The rules a country follows in answering the basic questions of economics are its______.

Economic system

Market system

Factors of production

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economy in which people and the government each have some say in how the three basic questions are answered is a __________.

Command economy

Market economy

Mixed economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adam Smith said that market economies are controlled by _____,

The government

Tradition

An "invisible hand"

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Producers work hard to get people's business because of ___________.

Competition

Freedom of exchange

Profit

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