Introduction to Economics

Introduction to Economics

9th - 12th Grade

25 Qs

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Introduction to Economics

Introduction to Economics

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Yates Jensen

Used 16+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental economic problem that all societies face?

Abundance of resources
Scarcity of resources
Equal distribution of resources
Unlimited resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to the value of the next best alternative that is forgone when a choice is made?

Scarcity
Opportunity cost
Wants
Needs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a basic economic question?

What to produce?
How to produce?
For whom to produce?
When to produce?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a need?

Smartphone
Shelter
Designer clothing
Vacation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a traditional economy, economic decisions are primarily based on:

Government directives
Market forces
Custom and tradition
Consumer preferences

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a hypothetical country, the government is in control of resources and production, and everything is centrally planned. What type of economic system does this country follow?

Market economy

Traditional economy

Command economy

Mixed economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a supermarket, what primarily determines what products are stocked on the shelves?

Consumer demand and supply

Government directives

Custom and tradition

Central planning

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