Economics Intro Notes Review

Economics Intro Notes Review

8th Grade

20 Qs

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Economics Intro Notes Review

Economics Intro Notes Review

Assessment

Quiz

Social Studies

8th Grade

Practice Problem

Hard

Created by

Sekani Grant

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the key factor in determining the type of economy a country has?

The extent of government involvement

The level of technology

The size of the population

The amount of natural resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, who owns the property and resources?

Private individuals

Foreign investors

The government

Non-profit organizations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

What is given up when a choice is made

The inability to satisfy all wants

The factors of production that are used

The amount of money exchanged for something

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy is characterized by private ownership and consumer sovereignty?

Traditional economy

Command economy

Free market economy

Mixed economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What motivates people to make economic decisions?

Production

Resources

Incentives

Scarcity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a government decides to spend more on public healthcare services, which concept BEST describes what they sacrifice by NOT spending those funds on education?

Price elasticity

Opportunity cost

Economic equilibrium

Supply and demand fluctuation

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What would be the best phrase to complete the graphic?

Government intervention in the economy

Effect of consumer sovereignty

Rivalry between producers and consumers

Interaction of supply and demand

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