Year 9 Economics - Do Now
Quiz
•
Social Studies
•
9th Grade
•
Practice Problem
•
Hard
Matthew Brook
Used 2+ times
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a flow in the circular flow model?
Goods and Services
Factors of Production
All 3
Wages/Salaries
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the remaining flow in the circular flow model?
Consumer Saving
Consumer Spending
Consumer Running
None of these
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by the law of supply?
Businesses are willing to produce more of a good when the price is low.
Businesses will produce less of the good when the price is high.
The higher the price of a good the more of that good a producer will be willing to produce.
All 3.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by the law of demand?
Consumers are happy yo pay a high price if the quality is good.
The higher the price the less likely consumers are to buy.
The higher the price the more likely consumers are to buy.
The lower the price, the less likely consumers are to buy.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by equilibrium?
The point where quantity supplied and demanded only makes the producer happy.
Where the quantity supplied and demanded is the same. This is the price at which both producers and consumers are happy.
The point where quantity supplied and demanded only makes the consumer happy.
All 3.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one way the government participates in the economy?
Taxes
Inputting law and order.
All 3.
Promoting free market competitiveness.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a planned economy?
One where producers and consumers plan ahead.
An economic
system in which a government or ruler makes most or all of the important decisions about the production and distribution of goods & services in the society.
An economic system where firms plan and make decisions for both them and the consumers?
All 3.
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