
Economics Quiz
Social Studies
12th Grade
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45 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do we call the cost of the next best alternative that is forgone when making a decision?
Opportunity cost
Fixed cost
Sunk cost
Variable cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the economic principle that describes the limited nature of society's resources?
Sustainability
Scarcity
Abundance
Equity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a traditional economy, how are goods and services typically produced?
Using advanced machinery and automation.
Based on consumer demand in the market.
Through methods passed down from previous generations.
By random selection of available resources.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the ownership of resources in a traditional economy?
Resources are owned individually with no community ties.
Resources are commonly owned by the community or family units.
Resources are controlled by the government.
Resources are owned by private corporations.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common method of trade in a traditional economy?
Using currency to facilitate transactions.
Stock exchanges for trading commodities.
Online trading platforms for buying and selling.
Barter system, exchanging goods and services directly.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following factors is least likely to influence a traditional economy?
Technological advancements in production methods.
Skills and knowledge passed down through generations.
Local environmental conditions.
Cultural practices and rituals.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a characteristic feature of a command economy?
Private ownership of businesses is the norm.
The government makes all economic decisions.
Individuals have complete control over production.
Markets determine prices based on supply and demand.
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