12.12 Economics Review

12.12 Economics Review

7th Grade

20 Qs

quiz-placeholder

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12.12 Economics Review

12.12 Economics Review

Assessment

Quiz

Social Studies

7th Grade

Practice Problem

Easy

Created by

Anita Burgess

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the economy?

The study of ancient civilizations

The way goods and services are produced and consumed

The process of weather patterns

The art of painting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What motivates producers to produce and sell goods or services?

Profit

Charity

Fame

Hobby

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of consumers in the economy?

Regulating the market

Investing in stocks

Producing goods and services

Acquiring goods and services for personal use

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economy does the United States have?

Market economy

Command economy

Mixed economy

Traditional economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the process of developing newer, better things called?

Stagnation

Conservation

Imitation

Innovation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main factors that determine the cycle of ups and downs in a market economy?

Global trade agreements

Consumer preferences

Government regulations

Supply and demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the benefit given up by choosing to do one thing instead of another called?

Opportunity cost

Sunk cost

Marginal cost

Fixed cost

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