Economics Quiz

Economics Quiz

12th Grade

15 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

History

12th Grade

Practice Problem

Hard

Created by

Guadalupe Hernandez

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do goods differ from services?

Goods are better than services

Goods are objects; services can be skilled jobs

Services are more expensive than Goods

Goods and Services are the same

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is scarcity an important concept in economics?

It is important to be scarce

People make choices based on goods and services available

All goods are unlimited and there is no scarcity

Scarcity is only seen in other countries not the US

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

List the three main factors of production.

Land, labor and love

Coal, water and forests

Land, Labor and Capital

Goods, services and cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a production possibilities curve show?

shows how to make a curve

shows alternative ways to use resources

shows how much money you can make

shows a scarce product

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is efficiency an important economic goal?

to make sure to meet a goal

to beat the economy

to maximize the economies output

to be the best country economy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a market?

The supermarket

a free market economy

exchange between buyers and sellers

free goods and services

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the four main economic systems?

free market, mixed, centrally planned and traditional

Extraordinary, Free market, Cultural and Super

Chase, Wells Fargo, Bank of America, and Citi Bank

Cash, Credit, Loans and Savings

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