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Unit 2 Knowledge Quiz

Authored by Datrell Morgan

Business

7th Grade

Used 5+ times

Unit 2 Knowledge  Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the study of how people use resources to meet their needs and wants called?

Economy

Economics

Economic System

Market Economy

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify the economic system where supply and demand determine prices.

Command Economy

Market Economy

Mixed Economy

Traditional Economy

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is a characteristic of a mixed economy?

Only government control

Only private control

Both private and government control

No control

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best describes a luxury?

Essential for survival

Expensive but not necessary

A basic need

A government service

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In which type of economy does the government control production and prices?

Market Economy

Mixed Economy

Command Economy

Traditional Economy

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the term for the value of the next best alternative you give up when making a choice?

Luxury

Opportunity Cost

Need

Want

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How do economists contribute to understanding economies?

By creating goods

By analyzing data

By selling services

By controlling prices

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