14.1- The Principles of Our Market Economy  Quiz

14.1- The Principles of Our Market Economy Quiz

7th Grade

16 Qs

quiz-placeholder

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14.1- The Principles of Our Market Economy  Quiz

14.1- The Principles of Our Market Economy Quiz

Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

Lauren Inclema

Used 6+ times

FREE Resource

16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, what happens to product prices when they are low?

More people will buy

Producers make more money

More products are made

None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four resources that producers need in order to create goods?

Technology, workers, money, and buildings

Rent, buildings, capital, and money

Labor, land, raw materials, and capital

Tools, interest, wants, and needs.

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

______________ is the amount of a product that producers are willing and able to offer at different prices.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When producers make more shirts to sell at $60 than they did at $40, this shows what?

The law of supply

The law of demand

The market price

Circular flow

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market price is determined by what?

Circular flow

Law of supply

Law of demand

Laws of supply and demand

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

______________ is the amount of a product that buyers are willing and able to buy at different prices.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following, along with price, affects the demand for a product?

Advertising

Styles of fashion

Popularity of a brand

All the above

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