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Econ--Markets Level 1 Quiz

Authored by Dustin Rimmey

Social Studies

9th - 12th Grade

Used 3+ times

Econ--Markets Level 1 Quiz
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15 questions

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1.

MATCH QUESTION

1 min • 4 pts

Match the Term and Definition or Example

Process of creating goods or services

Interdependence

Efficiency in using resources to produce

Consumption

The act of using goods or services

Production

Mutual reliance or dependence

Productivity

2.

MATCH QUESTION

1 min • 4 pts

Match the following terms to their definitions/examples

Focusing on a specific task or skill

Import

Goods or services brought into a country from abroad for sale

Specialization

Limited resources compared to unlimited wants

Scarcity

Things that encourage people to act in a certain way

Incentives

3.

MATCH QUESTION

1 min • 4 pts

Match the following terms to their definitions/examples

Interaction of buyers and sellers in the market

Free Trade

Trade without restrictions or barriers

Globalization

Sending goods or services to another country

Prices

Integration of economies and cultures

Export

4.

MATCH QUESTION

1 min • 5 pts

Match the following terms to their definitions/examples

Supply and demand in balance

Compaative Advantage

The ability of a country to produce a good at a lower opportunity cost than another country

Market Equilibrium

The value of the next best alternative that is given up when making a decision

Export

Excess Supply

Surplus

Goods for sale in other countries

Opportunity Cost

5.

MATCH QUESTION

1 min • 4 pts

Match the following term to its definition or example

Exclusive control of a commodity or service in a particular market

Resource Allocation

Government tax on imports or exports

Quota

Distribution of resources according to a plan or set of priorities

Monopoly

Limit on the quantity of a good that can be imported or exported

Tarriff

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some advantages of specialization in international trade?

Increased competition

Diversification of products

Economies of scale

Lower labor costs

7.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Specialization fosters cooperation and mutual benefit among nations, contributing to economic stability and prosperity. True or False?

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