Economics

Economics

7th Grade

8 Qs

quiz-placeholder

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Economics

Economics

Assessment

Quiz

Social Studies

7th Grade

Practice Problem

Hard

Created by

Jalynn Stanley

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a cost-benefit analysis?

A technique to increase benefits in market exchanges

A strategy to minimize costs in government spending

A process of determining potential costs and benefits of an action

A method to determine the most profitable business

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity lead to?

Specialization, trade, and interdependence

Decrease in market exchanges

Reduction in economic decisions

Increase in barter systems

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What fostered the growth of markets?

The decline of cities and empires

The variability in the distribution of productive resources

The growth of cities and empires

The decrease in specialization

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What encouraged specialization?

The analysis of costs and benefits

The growth of governments

Market exchanges

The transition from monetary economies to barter

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a result of the growth of markets?

A decrease in economic decisions

A shift from barter to monetary economies

A decline in trade and interdependence

An increase in the distribution of productive resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does trade affect economic growth?

By decreasing consumer choices

By increasing specialization and efficiency

By limiting market exchanges

By reducing interdependence among countries

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role does government play in a market economy?

Eliminating public goods

Controlling all economic decisions

Providing legal frameworks and protecting property rights

Directly setting all prices in the economy

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