Basic Economics Quiz

Basic Economics Quiz

7th Grade

16 Qs

quiz-placeholder

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Basic Economics Quiz

Basic Economics Quiz

Assessment

Quiz

Social Studies

7th Grade

Practice Problem

Medium

Created by

Cody Klauer

Used 6+ times

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16 questions

Show all answers

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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