Economics Quiz

What happens to the price of goods if the supply decreases and the demand increases?

• The price of the good will decrease.

• The price of the good will stay the same.

• The price of the good will increase.

• The good will b given away.

What happens to the price of a good if the supply increases but the demand decreases?

• The price will go down.

• The price will go up.

• The price will stay the same.

• The good will be given away.

CHOOSE TWO: What is the effect of a product's price decreasing?

• The producer will make more of the product.

• The producer will make less of the product.

• More consumers will be able to purchase the product.

• Less consumers will be able to purchase the product.

How much a consumers want a product or service is called?

• supply

• demand

• market fare

• quantity

A general increase in prices is called?

• recession

• specialization

• revenue

• inflation

Most societies have which type of economic system?

• Command Economy

• Traditional Economy

• Market Economy

• Mixed Economy

In this system, consumers and producers make all economic decisions.

• Traditional Economy

• Mixed Economy

• Market Economy

• Command Economy

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 
• Market 
• Mixed 
• Command 

Which type of economy is usually paired with a Communist government?

• Mixed
• Market
• Command
• Traditional

The amount of money a business makes after its expenses are paid

• profit

• supply

• demand

• scarcity