Unit 1 -- Microeconomics (POST Assessment)

Unit 1 -- Microeconomics (POST Assessment)

12th Grade

25 Qs

quiz-placeholder

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Unit 1 -- Microeconomics (POST Assessment)

Unit 1 -- Microeconomics (POST Assessment)

Assessment

Quiz

History

12th Grade

Easy

Created by

Melani Lippard

Used 1+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system relies heavily on tradition, customs, and beliefs to guide economic decisions?

Market

Command

Traditional

Mixed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, economic decisions are primarily made by:

Individuals

Businesses

The government

Consumers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a characteristic of a market economy?

Private ownership of resources

Profit motive

Central planning

Competition

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States economy is best described as a:

Pure market economy

Mixed economy

Command economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost refers to:

The total cost of producing a good or service

The value of the next best alternative given up

The monetary cost of a purchase

The cost of all resources used in production

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly is a market structure characterized by:

A single seller

Many sellers

A few large sellers

Perfect competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partnership is a business owned by:

A single individual

Two or more people

A corporation

The government

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