Ce.11-12 Economics Review

Ce.11-12 Economics Review

7th - 8th Grade

40 Qs

quiz-placeholder

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Ce.11-12 Economics Review

Ce.11-12 Economics Review

Assessment

Quiz

Social Studies

7th - 8th Grade

Medium

Created by

David Briggs

Used 48+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Interaction of supply and demand determines --

profit

price

competition

choice

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What leads to the production of higher quality goods at a lower price?

Scarcity

Incentives

Competition

Production

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Consumers determine, through their purchases, the goods and services that are produced. This idea is known as --

consumer soveriegnty

entrepreneurship

profit motive

production

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Who are the decision makers for the private sector in the U.S. economy?

The government

Businesses and the government

Individuals and the government

Individuals and businesses

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the inability to satisfy all wants at the same time?

Choice

Scarcity

Opportunity cost

Incentives

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Combining human, natural, capital, and entrepreneurial resources to make goods and services is called --

consumption

recources

production

distribution

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

According to the scenario above, in which economy is Tim operating?

Command economy

Forced market economy

Mixed economy

Traditional economy

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