
Economics Quiz
Authored by Vijiseoan V
Business
12th Grade
Used 1+ times

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39 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is the study of how people satisfy unlimited wants/needs with the use of what?
Abundant resources
Scarce resources
Unlimited resources
Renewable resources
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three basic questions societies face about the production of goods?
When, where, and why
What, how, and for whom
Who, what, and where
Why, how, and when
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the opportunity cost?
The cost of the first choice
The value of the next best alternative given up
The total cost of all alternatives
The cost of the least preferred option
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are trade-offs?
Choices that are made without any alternatives
Alternative choices that are given up when making a decision
The best possible choices available
Choices that have no consequences
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In which economic system is the government most likely to provide people with goods and services they could not otherwise afford?
Capitalist
Socialist
Mixed
Traditional
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the most common economic system in the world today?
Capitalist
Socialist
Mixed
Traditional
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What three synonyms can be used to describe the American Economic system?
Command, socialist, planned
Free market, free enterprise, capitalism
Traditional, barter, trade
Mixed, regulated, controlled
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