Economic Concepts Quiz

Economic Concepts Quiz

12th Grade

67 Qs

quiz-placeholder

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Practice Material: FOR EOC

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Economic Concepts Quiz

Economic Concepts Quiz

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Morgan Tedder

Used 10+ times

FREE Resource

67 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What are rewards that are offered to try to get people to take certain economic actions?

Incentives

Penalties

Taxes

Subsidies

2.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

The wants and needs of people are restricted by _______________.

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A clothing company manufactures 500 anniversary editions of a shirt. Since there are so few shirts to sell, what effect will this likely have on the price of the shirt?

The price will likely increase due to limited supply.

The price will likely decrease due to limited supply.

The price will remain the same regardless of supply.

The price will fluctuate randomly.

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which term refers to the government-set maximum price that can be charged for goods and services?

Price Floor

Price Ceiling

Market Price

Equilibrium Price

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the minimum wage?

$7.25 per hour

$10.00 per hour

$15.00 per hour

$20.00 per hour

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

How are prices set in a competitive market?

By government regulation

By individual sellers

By supply and demand

By consumer preferences

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

When a business concentrates on goods or services that it can produce better than anyone, it is using:

specialization

diversification

integration

globalization

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