Search Header Logo

BMS Economics and Global Trade Quiz

Authored by Daniel Hartman

Social Studies

8th Grade

Used 3+ times

BMS Economics and Global Trade Quiz
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does scarcity exist in all societies?

People want more than can be produced.

The government controls all resources.

Technology has removed scarcity.

Businesses refuse to produce enough goods.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of opportunity cost?

Buying a video game instead of saving for a bike.

Paying full price for a movie ticket.

Finding a product on sale.

Receiving a free meal at a restaurant.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A country with limited farmland must choose between growing food or producing cotton for clothing. If they choose food, what is the opportunity cost?

A higher food supply

More cotton for clothing

A decrease in food prices

Increased government spending

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is based on customs and historical precedent?

Command economy

Free market economy

Traditional economy

Mixed economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a command economy, who primarily decides what goods will be produced?

Consumers

The government

Private businesses

Banks

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of economy combines private ownership with government involvement?

Free market economy

Mixed economy

Traditional economy

Command economy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a free market economy, what determines what is produced?

The government

Businesses only

Consumers and businesses through supply and demand

Nonprofit organizations

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?