Unit 1 Economics Quiz
Passage
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Wayground Content
Used 24+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the definition of Economics?
The study of human anatomy
The study of weather patterns
The branch of knowledge concerned with the production, consumption, and transfer of wealth
The study of ancient civilizations
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which economic system relies on established trends and has very little division of labor or specialization?
Market Economy
Mixed Economy
Traditional Economic System
Command Economic System
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
In which economic system does a dominant centralized authority, usually the government, make production decisions?
Mixed Economy
Command Economic System
Market Economy
Traditional Economic System
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the downside of a market economy?
Allows private entities to amass economic power
Vulnerable to economic crisis
Promotes trade
Government interference
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which type of economy combines the characteristics of market and command economic systems?
Traditional Economic System
Command Economic System
Market Economy
Mixed Economy
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What does scarcity imply?
No trade-offs are made
Sufficient resources to fulfill subjective wants
Limited resources
Unlimited resources
7.
MULTIPLE SELECT QUESTION
5 mins • 1 pt
What is opportunity cost?
The value of a choice, relative to an alternative
The cost incurred by not enjoying the benefit associated with the alternative choice
The cost incurred by enjoying the benefit associated with the alternative choice
The value of a choice, relative to an alternative
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