Economics Quiz

Economics Quiz

12th Grade

67 Qs

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Economics Quiz

Economics Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Jacob Goodwin

Used 3+ times

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67 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Rewards that are offered to try to get people to take certain economic actions are called:

Incentives

Penalties

Taxes

Subsidies

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The wants and needs of people are restricted by _______________.

resources

time

money

laws

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A clothing company manufactures 500 anniversary editions of a shirt. Since there are so few shirts to sell, what effect will this likely have on the price of the shirt?

The price will likely decrease.

The price will likely stay the same.

The price will likely increase.

The price will not be affected.

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which term refers to the government-set maximum price that can be charged for goods and services?

Price floor

Price ceiling

Market price

Equilibrium price

5.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the minimum wage?

Evaluate responses using AI:

OFF

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

How are prices set in a competitive market?

By government regulation

By monopolistic control

By supply and demand

By random chance

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

When a business concentrates on goods or services that it can produce better than anyone, it is using.

Specialization

Diversification

Globalization

Standardization

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