Search Header Logo

Basic Economic Concepts Quiz

Authored by zenobia Azfar

Other

10th - 12th Grade

Basic Economic Concepts Quiz
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is best described as:

The abundance of resources.

Unlimited resources but limited wants.

Limited resources and unlimited wants.

The inability to produce goods and services.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a point inside the Production Possibilities Curve (PPC) indicate?

Economic growth

Inefficiency in resource use

Maximum production

Unattainable production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is characterized by private property and minimal government intervention?

Command Economy

Mixed Economy

Free Market Economy

Traditional Economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Circular Flow Model, households primarily:

Provide goods and services

Supply factors of production

Impose price controls

Set market demand and supply curves

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a good increases, what happens to its quantity demanded?

It increases.

It decreases.

It remains unchanged.

It becomes perfectly elastic.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a determinant of supply?

Consumer preferences

Production costs

Price of substitute goods

Income levels

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the demand for a product is inelastic, an increase in price will:

Decrease total revenue.

Increase total revenue.

Keep total revenue unchanged.

Make demand more elastic.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?