Basic Economics

Basic Economics

10th - 12th Grade

19 Qs

quiz-placeholder

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Basic Economics

Basic Economics

Assessment

Quiz

Social Studies

10th - 12th Grade

Medium

Created by

Candice Muna

Used 96+ times

FREE Resource

19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Economics is:

the branch of knowledge concerning wealth and how it is produced, consumed and distributed.

the branch of knowledge concerning politics and how political power is produced, consumed and distributed.

the branch of knowledge concerning sovereignty and how it is produced, consumed and distributed.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Adam Smith is known as the

Father of Wealth

Father of Politics

Father of Economics

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Adam Smith is known for his book:

The Wealth of States

The Wealth of Nations

The Wealth of Government

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Mercantilism was a system in which a nation's government, through ____ and ____ controlled most aspects of the economy.

incentives, consumer sovereignty

regulations, taxes

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The book that Adam SMith published in 1776 argued that the type of economic system that would benefit a society and nation most was a:

command system

free market system

mercantile system

none of the above

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Adam Smith believed the nation's economy would be successful if it had

lots of government involvement

many regulations and taxes

no or limited government interference

none of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Adam Smith believed that the key reason why a free market system would be successful for a nation was because humans

are motivated by self interest

would always do the right thing

are not greedy

all of the above

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