Basic Economics and Rent Control
Quiz
•
Life Skills
•
10th Grade
•
Practice Problem
•
Medium
Richie HS]
Used 5+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the Study of...
Money
Stocks
The use of scare resources
Supply and Demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does scarce mean?
More for use to have
Less for us to have
The same for use to have
What everyone wants adds up to more than there is
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Select one principle of the Law of Supply and Demand?
As the price increases, supply rises while demand declines
People buy more of something when it costs more
As the price decreases, demand decreases
People buy less when things cost less
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A single pencil can be made in home many countries?
1
5
10
We can't determine
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The law of demand holds that the demand level for a product or a resource will decline as its price rises, and rise as the price drops
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of supply says higher prices boost supply of an economic good while lower ones tend to diminish it.
True
False
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is inflation?
Inflation is when the banks close
Inflation is a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services
Inflation is a decrease in the rise of the general price level
Inflation is when the government shuts down
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