
Basic Economics Quiz
Quiz
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Social Studies
•
7th Grade
•
Practice Problem
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Medium
Cody Klauer
Used 6+ times
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the study of how people use their limited resources to satisfy their unlimited wants?
Entrepreneurship
Scarcity
Economics
Capital
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What represents the willingness to risk money, time, and energy to build a successful business?
Goods
Services
Entrepreneurship
Competition
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is known as the inability to satisfy all wants at the same time due to limited resources and goods?
Scarcity
Choice
Needs
Opportunity cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is given up when a choice is made, known as the highest valued alternative forgone?
Competition
Opportunity cost
Capital
Resource
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a need?
Cars
Clothing
Television
Jewelry
6.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Select the best definition from the following for the term: Wants
Items that would be nice to have, but are not necessary.
Items that are necessary for existence. For example clothing shelter and food.
Tasks that businesses perform or provide for customers. Such as haircuts or car washes.
Items businesses sale that can be physically weighed or measured. For example food and phones.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If new Jordan shoes are released and the supply cannot keep up with the number of people who want to buy it, what is likely to happen to the price?
The price will decrease because it is a new game.
The price will increase because the demand is higher than the supply.
The price will stay the same because it is popular.
The price will decrease because the game is in high demand.
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