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Economics Quiz

Authored by Jenna Askin

Social Studies

6th - 8th Grade

Used 8+ times

Economics Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is one of the three basic economic questions?

What should be taxed?

How can income be shared?

What goods and services should be produced?

How is a budget created?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economic system has consumers and producers make economic decisions?

traditional economy

market economy

command economy

mixed economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economic system has the highest level of government control?

traditional economy

market economy

command economy

mixed economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a feature of a good budget?

money reserved for saving

income that is less than its expenses

high use of credit

economic incentives

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do companies make a profit?

They try to increase the cost of making goods and decrease money earned.

They try to decrease the cost of making goods and increase money earned.

They try to decrease the cost of making goods and decrease money earned.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a growing economy, prices may increase over time. This general increase in prices is called

inflation

deflation

recession

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decline in production over six or more months in a row is known as a

inflation

deflation

recession

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