
Economics Quiz
Authored by Bailey Woodard
Social Studies
12th Grade

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37 questions
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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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