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Economics Quiz

Authored by M Negrete

Social Studies

12th Grade

Used 5+ times

Economics Quiz
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24 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the study of how people seek to satisfy their needs and wants by making choices called?

Scarcity

Economics

Goods

Services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to actions or activities that one person performs for another?

Goods

Services

Wants

Incentives

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the most desirable alternative given up as the result of a decision?

Utility

Opportunity cost

Marginal

Disincentives

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the name given to a hypothetical unit measuring satisfaction?

Util

Utilitarian

Utility

Utilize

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a system in which economic decisions and pricing are guided by the interactions of citizens and businesses?

Command Economy

Market Economy

Mixed Economy

Communism

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a policy of minimum governmental interference in the economic affairs of individuals and society?

Communism

Laissez Faire

Public goods

Private Property

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is considered as the first modern economist and is influential to understanding market economies?

Karl Marx

John Maynard Keynes

Adam Smith

Milton Friedman

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