
Economics
Quiz
•
Social Studies
•
7th Grade
•
Practice Problem
•
Medium
Maura England
Used 21+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a market economy?
An economic system in which individuals are free to compete, to earn a living, to earn a profit and to own property
A business organization owned by one person
A company that controls all production of a good or service
An economic system based on private ownership of the means of production
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'free market' refer to?
A business organization in which two or more persons share responsibilities
An economic system in which buyers and sellers are free to exchange goods and services as they choose
Profits paid to corporate stockholders
The problem of limited resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is profit?
An economic rule that states businesses will provide more products at higher prices
A business organization chartered by a state government
The income a business has left after paying expenses
A share of ownership in a corporation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does scarcity refer to?
An economic system in which individuals are free to compete
A company that controls all production of a good or service
The problem of limited resources
Profits paid to corporate stockholders
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of supply?
A business organization owned by one person
An economic rule that states buyers will demand more products at lower prices
A business organization that provides goods and services without seeking to earn a profit
An economic rule that states the businesses will provide more products when they can sell them at higher prices
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
An economic system based on private ownership of the means of production
An economic rule that states that buyers will demand more products when they can buy them at lower prices
A company that controls all production of a good or service
A business organization in which two or more persons share responsibilities
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does free enterprise allow?
Buyers and sellers to exchange goods and services as they choose
A business organization to be owned by one person
Businesses to provide more products when they can sell them at higher prices
Business owners in a free market to run their businesses with little government interference
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