Economics Quiz
Authored by Sarah Barnette
Social Studies
7th Grade
Used 27+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the study of how people seek to satisfy their needs and wants?
Entrepreneur
Consumer
Profit
Economics
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is a person who comes up with an idea for a better service or product?
Entrepreneur
Consumer
Profit
Economics
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is a person who uses a product or service?
Entrepreneur
Consumer
Profit
Economics
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the reward to a successful entrepreneur for producing a good or service?
Entrepreneur
Consumer
Profit
Economics
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a general and progressive increase in prices called?
Inflation
Supply and Demand
Scarcity
Capitalism
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What determines how much of something there is and how much something is wanted?
Inflation
Supply and Demand
Scarcity
Capitalism
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is characterized by privately owned and operated means of production for profit?
Socialism
Communism
Capitalism
Traditional Economy
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