What is the fundamental problem that economics seeks to address?

Understanding Economics

Passage
•
History
•
12th Grade
•
Easy
James Byrd
Used 2+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity
Inflation
Unemployment
Overproduction
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which concept describes how the quantity of a good or service available in the market interacts with consumer desire?
Supply and Demand
Market Equilibrium
Price Elasticity
Consumer Surplus
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What economic system relies on free markets and private ownership?
Capitalism
Socialism
Mixed Economy
Communism
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do governments influence economic activity according to the passage?
Through taxation, regulation, and monetary policy
By controlling all businesses
By setting fixed prices for goods
By eliminating competition
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What might a government do during a recession to encourage borrowing and spending?
Lower interest rates
Increase taxes
Reduce government spending
Raise interest rates
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