Economic Concepts Quiz
Authored by Julian Mills
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12th Grade
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the incentive to gain money by producing and selling goods and services, driving innovation and investment?
Free enterprise
Profit
Profit motive
Mixed economy
Private property
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a system in which both market forces and government regulation coexist, where the government intervenes in certain aspects of the economy?
Profit
Profit motive
Private property
Free enterprise
Mixed economy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the money left over after all costs of production are subtracted from revenue?
Profit
Free enterprise
Private property
Profit motive
Mixed economy
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the ability for individuals or businesses to own and control resources, goods, or property?
Profit
Mixed economy
Profit motive
Free enterprise
Private property
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are payments made by the government to individuals or groups without requiring any goods or services in return, such as welfare or social security?
Free enterprise
Subsidy
Profit
Private property
Profit motive
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are goods that are provided by the government and are available for all to use, like national defense or street lighting?
Profit motive
Private property
Free enterprise
Profit
Public goods
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a situation where the market does not allocate resources efficiently or fails to provide enough goods or services, such as pollution or underproduction?
Profit motive
Free enterprise
Market failure
Profit
Private property
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