Economics Quiz: Scarcity and Free Markets

Economics Quiz: Scarcity and Free Markets

12th Grade

15 Qs

quiz-placeholder

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Economics Quiz: Scarcity and Free Markets

Economics Quiz: Scarcity and Free Markets

Assessment

Quiz

Other

12th Grade

Medium

Created by

Alicia Rigney

Used 3+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main concept of scarcity in economics?

Government control

Unlimited resources

Limited resources

Equal distribution

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a need and a want?

A need is free, a want is costly

A need is tangible, a want is intangible

A need is necessary for survival, a want is not

A need is a service, a want is a good

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a durable good?

Cars

Food

Clothing

Light bulbs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main idea behind Adam Smith's concept of free markets?

Rational self-interest is harmful

Government regulation is necessary

Invisible hand of the market

Monopolies should be encouraged

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does TINSTAAFL stand for in economics?

The Importance of Scarcity

Total Income No Savings Total Assets For Life

The Invisible Hand

There Is No Such Thing As A Free Lunch

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the consequence of scarcity according to the text?

Everything has a cost

Resources are unlimited

Everything is free

Scarcity is not a problem

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main problem faced by people in the given situation?

Government control

Excessive resources

Lack of resources

Equal distribution

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