Economics Quiz

Economics Quiz

12th Grade

37 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Bailey Woodard

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37 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the limited nature of society's resources?

Tradeoff

Surplus

Scarcity

Equilibrium

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the value of the alternative that must be given up when a choice is made?

Opportunity cost

Price floor

Surplus

Human capital

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a situation where the quantity supplied is greater than the quantity demanded?

Shortage

Surplus

Equilibrium

Tradeoff

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the total value of all goods and services produced within a country in a given period?

National debt

Gross domestic product (GDP)

Business cycle

Proportional tax

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the skills, knowledge, and experience possessed by an individual or population?

Human capital

Tradeoff

Price ceiling

Globalization

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a tax that takes a larger percentage from high-income earners than it does from low-income individuals?

Proportional tax

Progressive tax

Tariff

Price floor

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the total amount of money that a country's government has borrowed?

Gross domestic product (GDP)

National debt

Business cycle

Tradeoff

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