Economic system -1

Economic system -1

12th Grade

20 Qs

quiz-placeholder

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Economic system -1

Economic system -1

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Cross Swiftfoot

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economy is...

A complex system of production, exchange activity and consumption

A study on how to allocate scarce resources

An branch of economic study focusing on large economic issue

Any arrangement of buying and selling

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the importance of knowing the economic problem in the society before starting a business?

Understanding society's economic problems can lead to overspending and financial instability

Not considering the economic problem may result in the right methods of production

Being unaware of the economic problem can help to decide the target market

We can know what to produce, the equipment and methods required, and the target market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can we decide what to offer to the consumers/market?

Knowing the economic problems of the community

Copying what competitors are offering

Ignoring consumer needs and preferences

By guessing randomly

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Below is not the consideration before starting a business

The offers that is the products or services.

The equipment that is the resources needed, and methods.

The clients that is the consumers, and customers.

The board of directors that is the person in charge, and the one who owns the highest share

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

We must decide our products and know why we produce it

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

We get to understand the offers form our competitor and how to make our products or services different with them

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Firms can start with any methods of production

True

False

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