Intro Economics Quiz

Intro Economics Quiz

6th - 8th Grade

13 Qs

quiz-placeholder

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Intro Economics Quiz

Intro Economics Quiz

Assessment

Quiz

Social Studies

6th - 8th Grade

Practice Problem

Hard

Created by

Genesis Guerrero

Used 3+ times

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13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem of economics?

Unlimited resources and unlimited wants

Unlimited resources with limited wants

Equal distribution of resources

Unlimited wants with limited resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a service?

A checkout person at a grocery store

A loaf of bread

A cow for milk production

A factory building

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used for what people give up when they make a choice to have one want satisfied?

Opportunity costs

Production costs

Resource costs

Demand costs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three categories of productive resources?

Goods, services, and resources

Land, labor, and capital resources

Opportunity, production, and demand resources

Natural, human, and capital resources

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are natural resources also referred to as?

Land

Water

Air

Farms

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are capital resources used to produce?

Goods and services

Natural resources

Human resources

Opportunity costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary way in which goods and services are allocated in many societies?

Based on government regulations

Based on willingness and ability to pay

Based on random selection

Based on individual needs

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