Semester 1 Test

Semester 1 Test

11th Grade

15 Qs

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Semester 1 Test

Semester 1 Test

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Medium

Created by

Isai Bonilla

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system relies on customs and traditions to make economic decisions?

Market economy

Command economy

Traditional economy

Mixed economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of a market economy?

To ensure equal distribution of wealth

To maximize government control

To allocate resources efficiently through supply and demand

To eliminate competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of supply state?

As the price of a good increases, the quantity supplied decreases

As the price of a good decreases, the quantity supplied increases

As the price of a good increases, the quantity supplied increases

The quantity supplied is independent of price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does education typically affect earning potential?

Higher education usually leads to lower earning potential

Education level has no impact on earning potential

Higher education usually leads to higher earning potential

Education level only affects earning potential in certain fields

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the substitution effect in the context of the law of demand?

Consumers buy more of a good as its price rises

Consumers buy less of a good as its price falls

Consumers replace a more expensive item with a cheaper alternative

Consumers replace a cheaper item with a more expensive alternative

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is market equilibrium?

The point where supply exceeds demand

The point where demand exceeds supply

The point where supply equals demand

The point where prices are highest

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterized by a single seller?

Perfect competition

Monopolistic competition

Oligopoly

Monopoly

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