FBLA Economics Test

FBLA Economics Test

9th - 12th Grade

20 Qs

quiz-placeholder

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FBLA Economics Test

FBLA Economics Test

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Sid Shafer

Used 2+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary economic goal of a market economy?

Equity

Efficiency

Stability

Growth

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT a factor of production?

Labor

Land

Money

Capital

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In economics, what does GDP stand for?

Gross Domestic Product

General Development Policy

Goods Distribution Program

Generalized Demand Projection

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What term refers to the total value of all goods and services produced within a country in a given period of time?

GNP (Gross National Product)

GNI (Gross National Income)

GDP (Gross Domestic Product)

CPI (Consumer Price Index)

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which economic system relies on government control and ownership of resources and means of production?

Capitalism

Socialism

Mixed economy

Communism

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In economics, what does the term "opportunity cost" refer to?

The cost of purchasing goods and services

The cost of producing goods and services

The cost of making a decision in terms of the next best alternative foregone

The cost of investing in capital

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a fiscal policy tool used to stimulate economic growth during a recession?

Decreasing government spending

Decreasing taxes

Decreasing the money supply

Increasing interest rates

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