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Economics Quiz

Authored by Julia Conklyn

History

8th Grade

Used 4+ times

Economics Quiz
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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A product of the earth ("gift of nature") that people use to meet their needs is a

good.

natural resource.

free enterprise.

service.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The number limit on how many items of a particular product can be imported from a particular country is the

demand.

quota.

supply.

tariff.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The economic system of communist countries is most closely related to which of the following:

Command economy.

Market economy.

Traditional economy.

Mixed economy.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the basic questions that all economic systems must answer:

What to produce?

How to produce?

How much to produce?

For whom to produce?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market economy is very different from a command economic system or a traditional system. Which of the following is found in a market economy?

Free labor

Competition between businesses

Government control of industry

Government control of agriculture

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, economic decisions are made by the

consumers

market

government

producers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is an example of human capital?

Education

Roads

Factories

Machinery

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