Economic Basics

Economic Basics

6th - 8th Grade

19 Qs

quiz-placeholder

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Economic Basics

Economic Basics

Assessment

Quiz

Specialty

6th - 8th Grade

Practice Problem

Easy

Created by

Faith Brooks

Used 1+ times

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19 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Select all of the following which are considered to be a disadvantage of a traditional economic system

Economic roles and status of men and women are differentiated

Higher poverty rates

Technology is stifled

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An __________ is the way a society produces and distributes goods and services.

Capitalism

Economics

Laissez-faire

Economic system

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes the number of goods producers are able and willing to sell at various prices during a specific period?

Cost

Supply

Demand

Price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A private enterprise system permits which of the following to make economic decisions?

Individuals

Government

States

Competitors

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the three main types of economic systems?

Mixed

Centrally planned

Diverse

Market

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about the supply curve?

As the cost rises, so does the demand

As the price rises, so does the supply quantity

As the price rises, so does the demand

As the supply quantity rises, so does the price

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The centrally planned economic system thrives on competition between businesses.

True

False

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