
Basic Economic Concepts Quiz
Authored by Amanda Mcrae-Williams
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10th Grade
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic system is characterized by private ownership of resources and minimal government intervention?
Command economy
Market economy
Traditional economy
Mixed economy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes the measurement of the total value of all goods and services produced within a country's borders in a given year?
Consumer Price Index (CPI)
Producer Price Index (PPI)
Gross Domestic Product (GDP)
Balance of Trade
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT an economic resource (factor of production)?
Inflation
Labor
Capital
Land
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What principle states that as prices rise, quantity demanded typically falls?
Supply principle
Equilibrium principle
Law of demand
Elasticity principle
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During which phase of the business cycle is there high unemployment and declining production?
Recovery
Peak
Recession
Expansion
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which economic utility is created when a product is available at the right time?
Place utility
Time utility
Form utility
Possession utility
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary reason nations engage in international trade?
Cultural exchange
Political alliances
Comparative advantage
Currency manipulation
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