
Economics Midterm Practice 1
Quiz
•
Other
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12th Grade
•
Practice Problem
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Easy
Sean Fitzpatrick
Used 175+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of:
money
using human psychology to manipulate the human mind
buying things
using limited resources to fulfill unlimited wants
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Trade is an exchange of goods, money, or services for:
goods
money
services
time
3.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What do individuals/businesses decide in a capitalist economy?
what products will be legal to produce
what to sell
how much to produce
the price of their products
4.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which of the following is a way businesses can compete?
price
demand
quality
convenience
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is demand?
how rare a product is
the cost of the materials used to produce a product
the amount of a product that is produced
how much people want a product
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What tax structure taxes everyone at the same percentage regardless of income?
flat income tax
tariffs
graduated income tax
rich tax
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a substitute product?
a product that is often purchased with another product
a similar product that is higher quality
a similar product that is cheaper or more readily available
a product whose demand does not match its price
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