Entrepreneurship Chapter 3 Quiz

Entrepreneurship Chapter 3 Quiz

9th - 12th Grade

25 Qs

quiz-placeholder

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Entrepreneurship Chapter 3 Quiz

Entrepreneurship Chapter 3 Quiz

Assessment

Quiz

Business

9th - 12th Grade

Easy

Created by

John Linn

Used 7+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity occurs in

Only Market economies

Only Command economies

In Every economy

It is not an issue in any economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, the decisions on what, how, and for whom to produce goods and services is mady by whom?

Businesses

Entrepreneurs

Individuals

Government

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity means

There are unlimited resources to produce goods and services

There are limited resources to produce goods and services

There are more resources than individual wants and needs

None of these

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a Command Economy, people have

Unlimited choices about products and services they produce

More choices about products and services they produce

Little choice about products and services they produce

None of these

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a Market economy, the Choice of (whom), creates the Market

The choice of the President

The choice of city officials

The choice of Government

The choice of individuals

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The determination of prices for goods and services is done by

Producers only

Consumers only

Consumers and Producers

None of these

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppliers are willing to supply more of a product or service at what price?

Higher price

Lower price

Neither of these

Both of these

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