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Grade 10 Economics Quiz

Authored by Lynnette Mullins

Business

10th Grade

Used 2+ times

Grade 10 Economics Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

As the price of a good increases, the quantity demanded increases.

As the price of a good increases, the quantity demanded decreases.

As the price of a good decreases, the quantity demanded decreases.

There is no relationship between price and quantity demanded.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a perfectly competitive market?

Few sellers

Unique products

Many buyers and sellers

High barriers to entry

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economic system is characterized by government ownership of resources?

Capitalism

Socialism

Mixed economy

Market economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the labor force?

All people who are employed

All people who are unemployed

All people who are employed or actively seeking employment

All people who are not working

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the supply curve when there is an improvement in technology?

It shifts to the left.

It shifts to the right.

It becomes vertical.

It does not change.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a monopoly, how many sellers are there in the market?

One

Two

Few

Many

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system relies on supply and demand to allocate resources?

Command economy

Traditional economy

Market economy

Mixed economy

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