
Economics

Quiz
•
Business
•
9th Grade
•
Medium
Standards-aligned
Zachary Black
Used 19+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is best defined as: (Select ONE)
The studies of how people make choices to satisfy their wants.
The study of individual self-interests.
The study of how government can most efficiently raise funds by taxation.
The process by which goods are sold on free markets.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As the demand for T-shirts increases, how will T-shirt producers likely respond?
Lay off T-shirt workers to reduce production costs.
Make fewer T-shirts to meet their income goals.
Buy more cotton fabric to produce more T-shirts.
Increase advertising spending to increase T-shirt sales.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During the holiday season, more people decide to purchase DVDs. What action will DVD producers take in response?
They will produce more copies of DVDs.
They will produce fewer copies of DVDs.
They will hire fewer workers.
They will use less plastic in production.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which situation would give a business more control over the price of its product?
an increase in the cost of labor
an increase in the cost of capital goods
a decrease in competition in the market
a decrease in consumers' income
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
I own an oil refinery. Summer is coming, and people are going to be driving everywhere! They're going to need LOTS of gasoline.
Will the price go up?
Yes
No
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
I just invented the world's first self-folding chair! It folds itself up and puts itself away. Nobody else makes anything like it!
Will the price go up?
Yes
No
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
I sell rocks for a landscaping company. But this year it seems that everyone just wants to buy Gnomes for their garden. What am I going to do with all these rocks? What should this person do?
Sell them at a discount
Use them for landscaping projects
Wait for the trend to change
Give them away for free
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