Econ 9 weeks test review

Econ 9 weeks test review

9th - 12th Grade

25 Qs

quiz-placeholder

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Econ 9 weeks test review

Econ 9 weeks test review

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Anna Click

Used 5+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Scarcity is a basic economic problem because —

resources are limited

governments limit production

opportunity costs limit demand

people have trouble making choices

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

______ will determine the demand of a good. 

______ will determine the supply of a good.

sellers, buyers

buyers, sellers

shortages, surplus

surplus, shortages

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

In comparison to the U.S. free enterprise system the economy of China is characterized by a lack of —

competition

well-paying jobs

trade incentives

manufacturing industries

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is most characteristic of the U.S. free enterprise system?

Government price controls

Nationalization of energy companies

Markets that respond to consumer demand

Public ownership of the factors of production

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

One of the benefits of the U.S. free enterprise system is the —

amount of choices for consumers

guaranteed returns on investments

lack of union participation by workers

equal distribution of goods and services

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

With a given amount of resources, a country with a comparative advantage will produce a product with —

decreased demand

lower opportunity costs

cheaper natural resources

higher quality specifications

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which market structure has a strong emphasis on innovation, allowing companies to temporarily charge more for their products?

Monopoly

Oligopoly

Pure Competition

Monopolistic Competition

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