Economics Practice Test 2

Economics Practice Test 2

12th Grade

45 Qs

quiz-placeholder

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Economics Practice Test 2

Economics Practice Test 2

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Jocelyn Morales

Used 1+ times

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45 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a traditional economy primarily based on?

Industrial production

Customs and traditions

Technological advancements

Government planning

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a disadvantage of a capitalist free economy?

Equal distribution of wealth

Lack of competition

Income inequality

Centralized decision-making

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do free enterprises typically grow in a capitalist economy?

Through government subsidies

By increasing taxes

By reinvesting profits

Through state ownership

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does an elastic supply curve indicate?

Supply is unresponsive to price changes

Supply is highly responsive to price changes

Supply remains constant regardless of price

Supply decreases as price increases

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is marginal revenue calculated?

Total revenue divided by quantity sold

Change in total revenue divided by change in quantity sold

Total cost divided by quantity produced

Change in total cost divided by change in quantity produced

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an economy, equilibrium occurs when:

Supply exceeds demand

Demand exceeds supply

Supply equals demand

Prices are fixed by the government

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a price ceiling?

To ensure prices do not fall below a certain level

To ensure prices do not rise above a certain level

To eliminate competition

To increase government revenue

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