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CE.12a The U.S. Economy

Authored by Peter Van Schenck

Social Studies

6th - 8th Grade

Used 2+ times

CE.12a The U.S. Economy
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Frank chooses wants a new surfboard and mountain bike, but he cannot afford both. He gets the board but not the mountain bike. What is the mountain bike?

scarcity

opportunity cost

choice

consumption

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The fact that all resources suffer from ______, this means we must make choices about what to produce and what to buy.

scarcity

abundance

plenty

excess

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

This is the amount of goods or services that PRODUCERS are willing to produce at a certain price. Fill in the blank: ________.

Supply.

Demand.

Consumption.

Distribution.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

This is the amount of goods or services that CONSUMERS are willing to buy at a certain price. Fill in the blank: _______

demand

supply

production

inventory

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three economic questions that all economies must produce?

What to produce, who will produce it, and for whom to produce

Supply, demand, and equilibrium

Inflation, unemployment, and growth

Capital, labor, and resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The idea that what the consumer wants will be supplied by producers and that consumer demand drives market and mixed market economies is ..........

Consumer sovereignty

Producer dominance

Market equilibrium

Government control

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What type of economy am I? United States and most economies of the world?

command

free market

mixed

traditional

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