Economics Unit Test Review

Economics Unit Test Review

6th - 8th Grade

27 Qs

quiz-placeholder

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Economics Unit Test Review

Economics Unit Test Review

Assessment

Quiz

Social Studies

6th - 8th Grade

Practice Problem

Medium

Created by

Kelly Wilson

Used 6+ times

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27 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The economic flow in the U.S. consists of which THREE groups?

businesses

individuals (households)

schools

government

charitable foundations

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Banks and other private financial institutions bring together, savers and _____.

taxes

the government

borrowers

criminals

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is a possible solution to this problem?

Use technology

Charge consumers more money

Use outdated machinery

Purchase more expensive parts

4.

MATCH QUESTION

1 min • 1 pt

Match the following types of Businesses with their Definitions.

1 owner who takes all risks & all profit

Corporation

2 or more owners; share risks & profits

Proprietorship

Act as legal person; investors share $$$

Partnership

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the THREE types of financial institutions?

Post office

Savings & Loan

Banks

Credit Unions

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Joseph works as a cattle farmer because his father did the same job, event hough he has excellent skills as a computer programmer. What type of economic system does Joseph live in?

free market

traditional

mixed

command

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the American economy, buyers determine what is produced by the purchase they make. The power of the buyer is known as...

Opportunity Cost

Incentives

Capital Resources

Consumer Sovereignty

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