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S3 Economics Midterm Reviewer Term 1

Authored by Tomi Borinaga

Social Studies

9th Grade

Used 2+ times

S3 Economics Midterm Reviewer Term 1
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45 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an economic system?

It is a system where investors gain profit.

It is a system of production and exchange of goods and services.

It is a system that distribute available goods to specific consumers only.

It is a system that regulates the production of specific good.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic group that has the need for goods and services for consumption is the __________.

government

consumers

manufacturers

business

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is one of the economic groups that regulates the economy. It imposes regulations on consumers and firms. Which of these?

consumers

manufacturers

government

banks

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes a specific number of units buyers want to buy at a specific price?

supply

quantity supplied

demand

quantity demanded

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An economic group that is responsible for producing goods and services is called __________.

consumers

government

manufacturers

market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these refers to the exchange of goods and services between buyers and sellers in a convenient way?

manufacturers

consumers

market

business

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the market help economic groups?

market help set the price.

market help suppliers and consumers to make decision.

market help consumers and manufacturers trade in a convenient way.

market help the government to get taxes.

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