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Economics Quiz

Authored by Sherry Mosley

Business

9th Grade

Economics Quiz
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of economics primarily concerned with?

Satisfying unlimited wants and needs with limited resources

Maximizing profits for businesses

Creating new technologies

Exploring outer space

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a good and a service?

A good is a physical product, while a service is an action provided to us

A good is produced, while a service is consumed

A good is intangible, while a service is tangible

A good is free, while a service requires payment

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the resources used to get or create goods and services in economics?

Natural resources, capital, and labor

Technology, entertainment, and design

Energy, transportation, and communication

Education, healthcare, and agriculture

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity mean in the context of economics?

Having surplus resources that are not being utilized

Having equal distribution of resources among all members of society

Having an unlimited supply of resources for society's needs and wants

Having a limited supply of resources to meet the needs and wants of society

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three basic economic questions that society needs to answer when making economic choices?

Where should it be produced, when will it be produced, and why will it be produced

What should be produced, how will it be produced, and who will use it

Why should it be produced, when should it be distributed, and who will buy it

Who should produce it, how much should be produced, and where it should be distributed

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main reason why hard decisions must be made in economics?

To eliminate scarcity in society

To maximize profits for businesses

To create a surplus of resources

To fill unlimited wants with limited resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of studying economics and the effects of economic decisions?

To predict future economic trends with 100% accuracy

To create a monopoly in the market

To control and manipulate the economy for personal gain

To understand how economics affects people and the economy at large

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