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Economic Systems Introduction

Authored by Morgan Sellers

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11th Grade

Economic Systems Introduction
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46 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is scarcity? 

Giving something up to have something else
Extra cost of production
The condition that results form having unlimited wants with limited resources
Rise in general level of prices and workers need more money

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is choice?

The act of picking or deciding 
The best option possible
When something is very good
When someone has no say in a matter

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is NOT a natural resource?

Oil
Water
Car
Air

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following IS a capital resource?

Wood
Computer
Labor
Knowledge

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

When all aspects of the economy are determine by a central figure

Command
Market
Mixed
Traditional

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Decisions in the economy are based on buyer/seller choices

Command
Market
Mixed
Traditional

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Combines public and private businesses 

Command
Market
Mixed
Traditional

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