Economic Test Review 2023

Economic Test Review 2023

8th Grade

20 Qs

quiz-placeholder

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Economic Test Review 2023

Economic Test Review 2023

Assessment

Quiz

History

8th Grade

Practice Problem

Easy

Created by

Sean Hall

Used 9+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The interaction of supply and demand in the American market place _____________.

is heavily regulated by the government.

is based on a command economy.

determines the price of a good or service.

can only take place in mixed economies.

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Scarcity leads individuals and businesses to __________.

select actions from a set of alternatives.

give up their opportunity cost.

choose between supply and demand.

produce goods without the factors of production.

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

The list and picture below show which principle of the American economic system in action?

*Free Financing

*Tax Credits

*Buy One—Get one free

Opportunity cost

Incentives

Scarcity

Monopolies

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The type of economy a country has is determined by the ______________.

amount of government involvement in the decision making.

number of consumers and producers in the market place.

profit motive of its people.

vote of its citizens.

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

The chart below describes what type of economy?

Traditional

Command

Mixed

Free Market

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which principle of the American economy is being described below?

"Cell phone companies produce more smartphones today because consumers are buying more smartphones compared to the older style flip phones."

Consumer Sovereignty

Opportunity Cost

Incentives

Capital Resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A business' profit motive is its ___________.

net worth minus earnings

earnings minus expenses.

price per share of stock.

investment divided by income.

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