Understanding Economics

Understanding Economics

Assessment

Passage

History

12th Grade

Easy

Created by

James Byrd

Used 2+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem that economics seeks to address?

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