The Market Economy

The Market Economy

7th Grade

10 Qs

quiz-placeholder

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The Market Economy

The Market Economy

Assessment

Quiz

Geography

7th Grade

Practice Problem

Hard

Created by

Shannon Mack

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What defines a consumer in a market economy?

Someone who acquires goods and services for personal use

A government official deciding what should be produced

A business that sells goods internationally

Someone who makes goods or offers services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a mixed-market economy also known as?

Command economy

Traditional economy

Socialist economy

Capitalist economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What motivates producers to sell their goods or services?

The idea of making a profit

Competition with other producers

Consumer feedback

Government regulations

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does competition lead to in a market economy?

Government intervention in pricing

Innovation and better products

Higher prices for all goods

A decrease in the quality of goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when there is high demand but low supply?

The government will produce more

Prices will increase

Producers will stop making the product

Prices will decrease

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost?

The profit made from selling a product

The total expenses of a business

The benefit given up by choosing one option over another

The cost to produce a good or service

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

Government control over resources

The limited amount of resources available

Unlimited wants and needs

An abundance of resources

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