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Economic Systems Comprehension Check

Authored by Joshua Hollifield

Social Studies

8th Grade

Used 11+ times

Economic Systems Comprehension Check
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

According to the table what will happen if the price of pizza is decreased from $2.50 a slice to $1.00 a slice.

Customers won't buy as much pizza.

Profits for the pizza maker will increase per slice.

There will not be enough pizza produced.

The cost of producing a slice of pizza will rise.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What pair of economic systems best completes this chart?

Free Market - Traditional

Command - Free Market

Command - Traditional

Mixed - Free Market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

According to this chart what is the equilibrium price?

$1

$2

$3

$4

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

According to what we know what can we expect prices to be like for the product indicated by the scale?

Higher than normal

Lower than normal

The same as normal

Unaffected by supply and demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What would best replace the question marks in the chart?

Choices

Profit

Competition

Government Involvement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every economy must answer each of the following questions EXCEPT?

What will be produced?

For whom is it being produced?

What will it cost?

Who will produce it?

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which economic factor has most likely determined the price in this picture?

Capital

Scarcity

Demand

Opportunity Cost

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